Cash is disappearing so quickly in Sweden that government officials are now worried about the effect its cashless society could have on the banking infrastructure.

This is according to a report on Bloomberg, published yesterday, where several banking and government officials in the country expressed concerns about the rapid disappearance of cash in the region.

Sweden has seen its use of cash decline rapidly: while 63% of Swedes cited that they had paid at least once in cash during the week in 2016, just 25% of the population said paid in cash (at least once a week) during 2017, according to a survey cited by Bloomberg.

The governor for the Swedish Riksbank, Stefan Ingves, also expressed concerns about the fast disappearance of cash in the country, noting that the bank was questioning what role it will be able to play in a fully cashless ecosystem.

Ingves told Bloomberg:

The Riksbank is carefully analyzing this development. Overall, I think we are facing structural changes in areas that have previously been stable. This is a development which will affect all the Riksbank’s departments and we will need to make strategic decisions regarding the way forward.

Read more at Bloomberg and PYMNTs.

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