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Polaris of Enlightenment

Monday, May 27, 2024

Polaris of Enlightenment

Loomis criticizes government report for failing to safeguard cash usage in Sweden

The war on cash

Published 11 November 2023
- By Editorial Staff
Anna Kinberg Batra. Karin Stålhandske, CEO of Loomis.

Despite recognizing cash as important for both privacy and preparedness, concrete measures to secure its future are lacking in Anna Kinberg Batra’s investigation The State and Payments. The cash management company Loomis expresses strong criticism in its response and now calls for legislation to protect cash.

Since the summer, an report by Anna Kinberg Batra (a former leader of the Moderate Party, now Governor of Stockholm), called The State and Payments has been out for consultation, where concerned authorities and companies can take a stance on the investigation. Loomis Sweden, which today is responsible for the cash infrastructure in Sweden, states that it is highly critical of the investigation’s proposal.

– The investigation describes all the advantages of cash – that they can be used by everyone, strengthen our preparedness, and secure people’s privacy. Therefore, it is incomprehensible that Kinberg Batra concludes that no measures are needed to secure the possibility of using cash, says Karin Stålhandske, CEO of Loomis Sweden, in a press release.

Stålhandske points out, among other things, the decreased acceptance of cash in Swedish society, where more and more Swedish stores, restaurants, and service establishments only accept card or Swish payments (a mobile payment system used by almost 80% of the Swedish population). Something that, in turn, excludes those who need to use cash. By comparison, there are laws in Denmark and Norway that say cash must be accepted as a means of payment, something that does not exist in Sweden. Furthermore, they also point out that the EU Commission has proposed a regulation that ensures that cash can be used throughout the Eurozone.

– Unfortunately, the investigation contains no proposal to ensure that cash remains in Sweden. Loomis demands legislation, that trade should accept cash, says Stålhanske.

Previously, among others, the so-called Cash Rebellion (Kontantupproret) has given similar criticism to the investigation because it does not address anything that strengthens the position of cash in society, despite noting that it is important that they remain.

The investigation, which concluded its consultation period on October 31, will now be reviewed by the Ministry of Finance, which will evaluate the incoming comments to determine the next step in the process.

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