Sweden and Norway rethink cashless society plans over Russia security fears

Sweden and Norway are having second thoughts about creating a cashless society, The Guardian reports. Both countries are concerned about security issues related to Russian threats and the need to support individuals who struggle with digital payment systems.

• Mobile payment systems like Swish in Sweden and Vipps in Norway have gained immense popularity, yet the shift to cashless transactions has led to concerns about accessibility. In Norway, a significant number of people—around 600,000—lack access to digital services, prompting legislative action to ensure cash remains an accepted form of payment.
• The rise of cyber-attacks and cross-border hybrid warfare has already prompted a significant policy shift towards maintaining cash as a viable payment option.
• The Swedish government plans to distribute a brochure advising citizens to keep cash on hand and use various payment methods to enhance preparedness for potential crises.
• At the same time the country’s central bank is exploring an “e-krona” to complement cash. However, experts say more evidence is needed  to assess the effectiveness of cash versus digital payments in the context of modern security concerns.