Sweden was predicted to become entirely cashless by 2030. As the country developed its own mobile payment system, called Swish, banks gradually stopped handling cash, and tills disappeared from shops. With cash circulation the lowest as a share of GDP in the world, Swedish progress was noted, and observers questioned how it had advanced so quickly compared to the rest of Europe.
However, this trend shifted following Russia's invasion of Ukraine. The Riksbank, Sweden's central bank, highlighted that reliance on electronic payment systems could leave the country vulnerable to blackouts or sabotage, prompting it to advise civilians to keep 1,000 Swedish kronor (approximately £80) at home. The government distributed a brochure titled "If Crisis or War Comes" to every household, encouraging Swedes to use cash regularly to enhance preparedness.
Erik Thedeen, the Riksbank governor, stated that Sweden takes the threat of Russian hybrid attacks seriously, emphasizing the need to safeguard the country in various aspects, both military and civil. In July, the bank mandated that essential shops, including grocers and pharmacies with staffed checkouts, must accept physical cash.
While some Swedes welcomed the return of cash to assist the elderly, a majority indicated they would not change their digital payment habits. According to Riksbank data, only 5% of shoppers reported using cash for their last in-store purchase in 2025, down from 10% in 2023 and 40% fifteen years prior. Comparatively, only 2% of Norwegians and 8% of Danes reported using cash for their most recent in-store purchase, according to a Riksbank survey from late last year. In the euro area, cash remains the most common payment method in shops.
Some shopkeepers expressed frustration with the new law. Stefan Blomvurst, a deli shop assistant, noted that while he understands the need for cash at pharmacies or large supermarkets, he believes specialty stores should not be required to accept it. He mentioned that most of his customers pay by card and expressed doubt about the practicality of accepting cash.
Thedeen shared an experience where he was able to use cash when a supermarket's card payment system failed. He acknowledged that cash can provide resilience in certain situations, although he does not use it frequently. The country is looking to Ukraine as an example, where a rapid adaptation to a digital payment system occurred under wartime conditions.
Statistics from the National Bank of Ukraine indicate that nine out of ten transactions are cashless, raising questions about the necessity of returning to cash. Thedeen remarked on the interesting dynamics observed in Ukraine, where initial cash withdrawals gave way to trust in electronic systems despite the ongoing conflict.
In a country heavily reliant on digital payments, where parking tickets are paid via apps and "no cash" signs are common, convincing Swedes to embrace cash again may be challenging. Dr. Anna Chotigasatien, a Stockholm resident, mentioned that she only uses cash for her children's allowances and believes businesses may find the change frustrating due to the perceived low risk of robbery.
Concerns about excluding the elderly, who often rely on cash, were raised during recent general elections, with the Sweden Democrats advocating for more merchants and banks to accept cash. According to a Riksbank survey from September 2025, nearly half of respondents viewed the decline of cash use in Sweden as a "somewhat" or "very negative" development, with older individuals and those living outside major cities expressing more concern.
One elderly man expressed a preference for cash, stating that electronic systems are prone to failure. The initial structure for a cashless society was expected to be implemented in 2014.