This open access book tells the story of how Sweden is becoming a virtually cashless society. Its goal is to improve readers’ understanding of what is driving this transition, and of the factors that are fostering and hampering it. In doing so, the book covers the role of central banks, political factors, needs for innovation, and the stakeholders involved in developing a cashless ecosystem. Adopting a historical standpoint, and drawing on a unique dataset, it presents an academic perspective on Sweden’s leading role in this global trend. The global interest in the future of cash payments makes the Swedish case particularly interesting. As a country that is close to becoming a cashless economy, it offers a role model for many other countries to learn from - whether they want to stimulate or reduce the use of cash. This highly topical book will be of interest to politicians, researchers, businesses, financial service providers and payment service providers, as well as fintech start-ups, regulators and other authorities.

This book examines the nature of retail financial transaction infrastructures. Contributions assume a long-term outlook in their exploration of the key financial processes and systems that support a global transition to a cashless economy. The volume offers both modern and historic accounts that demonstrate the constantly changing role of payment instruments. It brings together different theoretical approaches to the study, re-examining and forecasting changes in retail payment systems. Chapters explore a global transition to a cashless society and contemplate future alternatives to cash, cheques and plastic, featuring the perspectives of academics from different disciplines in conversation and industry participants from six continents. Readers are invited to discover the innovation in payment systems and how it co-evolves with changes in society and organisations through personal, corporate and governmental processes.

Cashless infrastructures are rapidly increasing, as credit cards, cryptocurrencies, online and mobile money, remittances, demonetization, and digitalization process replace coins and currencies around the world. Who’s Cashing In? explores how different modes of cashlessness impact, transform and challenge the everyday lives and livelihoods of local communities. Drawing from a wide range of ethnographic studies, this volume offers a concise look at how social actors and intermediaries respond to this change in the materiality of money throughout multiple regional contexts.

Acknowledgements The work underlying this study was performed at the Econometric and Special Studies Department of the Nederlandsche Bank, where many contributed to it. I am indebted to all the statistical assistants of the department, especially to Anja Wouters and Rob Vet for their patient assistance in building up the data sets and analysing the survey data. Also Corina den Broeder rendered devoted and persistent research assistance with respect to the multicountry analysis during her stay at the Bank and I am grateful to Mike Clements of the Bank of England for his careful reading and commenting on that part. My collegues Peter van Els and Carlo Winder made some valuable suggestions. Liesbeth Klein and Coen Collee helped me avoid a number of errors in English, and thanks to the skilful efforts of Marietta Bakker, Gita Gajapersad and Carolien Verhoeven the text looks as it does. Above all, lowe a debt of gratitude to Martin Fase, one of the pioneers in this field of research, for his efforts and contribution to the improvement of this study. INTRODUCTION We seem to be well on the way to a cashless society. Paradoxically, however, the majority of the transactions are still paid in cash even in the most advanced economies. A second paradoxical observation is that, despite the primary and common character of currency, the economic theory on the use of and demand for cash is only rarely supported by empirical evidence.

The paper presents a simple framework for the analysis of the macroeconomic implications of de-cashing. Defined as replacing paper currency with convertible deposits, de-cashing would affect all key macroeconomic sectors. The overall macreconomic impact of de-cashing would depend on the balance of growth-enhancing and growth-constraining factors. Starting from a traditional saving-investment balance, the paper develops a four-sector macroeconomic framework. It is purely illustrative and is designed to provide a roadmap for a systematic evaluation of de-cashing. The framework is disaggregated into the real, fiscal, monetary, and external sectors and potential implications of de-cashing are then identified in each sector. Finally, the paper draws a balance on possible positive and negative macroeconomic implications of de-cashing, and proposes policies capable of augmenting its economic and social benefits, while reducing potential costs.

Cashless dives into the design and use of China's new central bank digital currency.

For ages, money has meant little metal disks and rectangular slips of paper. Yet the usefulness of physical money -- to say nothing of its value -- is coming under fire as never before. Intrigued by the distinct possibility that cash will soon disappear, author and Wired contributing editor David Wolman sets out to investigate the future of money...and how it will affect your wallet. Wolman begins his journey by deciding to shun cash for an entire year -- a surprisingly successful experiment (with a couple of notable exceptions). He then ventures forth to find people and technologies that illuminate the road ahead. In Honolulu, he drinks Mai Tais with Bernard von NotHaus, a convicted counterfeiter and alternative-currency evangelist whom government prosecutors have labeled a domestic terrorist. In Tokyo, he sneaks a peek at the latest anti-counterfeiting wizardry, while puzzling over the fact that banknote forgers depend on society's addiction to cash. In a downtrodden Oregon town, he mingles with obsessive coin collectors -- the people who are supposed to love cash the most, yet don't. And in rural Georgia, he examines why some people feel the end of cash is Armageddon's warm-up act. After stops at the Digital Money Forum in London and Iceland's central bank, Wolman flies to Delhi, where he sees first-hand how cash penalizes the poor more than anyone--and how mobile technologies promise to change that. Told with verve and wit, The End of Money explores an aspect of our daily lives so fundamental that we rarely stop to think about it. You'll never look at a dollar bill the same again.