In an era of rapid digitisation of payment systems in Sweden, the Riksbank’s Executive Board is now emphasising the crucial role of cash in society and says that cash must continue to be used as a means of payment.
In a statement at a seminar in the Riksdag, Riksbank spokesperson and Deputy Governor Aino Bunge stressed the importance of legislation to ensure the continued availability of cash transactions in the country.
– Legislation is now needed to ensure that it will continue to be possible to pay with cash in Sweden. Ultimately, it is the state’s responsibility to ensure that payments are safe, efficient and accessible – and that all parts of the cash chain function – in normal times, in crises and in times of heightened preparedness, Aino Bunge stressed.
While digitalisation has brought innovative and convenient payment solutions in some contexts, it has also created problems, particularly in terms of financial and digital exclusion. The former leader of the Left Party commented on this.
Seminarium i riksdagen om vikten av att kontanter kan användas. För människor i @verdandisveriges verksamheter är det livsviktigt eftersom de ofta förvägras bankkonto och bank-ID. pic.twitter.com/hvyv9W7kDy
— Lars Ohly (@OhlyLars) March 20, 2024
Welcomes cash study
Cash can help make the payment system more resilient. However, a Riksbank survey shows that only one in ten people used cash for their last purchase in a shop. At the same time, more and more businesses are simply no longer accepting cash.
– This development may lead to even more people not accepting cash, making it harder to obtain and dispose of. We therefore welcome the fact that the government has set up a study to examine the possibility of using cash for certain essential goods, Bunge continued.
– However, we must consider the entire cash chain. The Riksbank therefore believes that measures are needed to secure the transport of cash to and from businesses as well as the possibility of depositing cash on a daily basis.
Mr Bunge also emphasised that digital systems must be resilient in order to ensure payment possibilities even in times of crisis or heightened preparedness. For example, if power and data communications are disrupted or completely lost.
