A combination of good high-speed internet coverage, high digital literacy rates, large rural populations and fast-growing fintech industries had put the Nordic neighbours on a fast track to a future without cash.
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But Russia’s invasion of Ukraine in 2022 and a subsequent rise in cross-border hybrid warfare and cyber-attacks blamed on pro-Russia groups have prompted a rethink.
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The Swedish government has since completely overhauled its defence and preparedness strategy, joining Nato, starting a new form of national service and reactivating its psychological defence agency to combat disinformation from Russia and other adversaries. Norway has tightened controls on its previously porous border with Russia.
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[Norway’s] justice and public security ministry said it “recommends everyone keep some cash on hand due to the vulnerabilities of digital payment solutions to cyber-attacks”. It said the government took preparedness seriously “given the increasing global instability with war, digital threats, and climate change. As a result, they’ve ensured that the right to pay with cash is strengthened”.
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In Sweden, cash free shops (kontantfri butik) and gastronomy are not uncommon. You can either pay by Swish, which is the cash-less system of the Swedish banks and everybody with a Swedish bank account is free to use, or with credit or debit card (Visa, MasterCard). VPay / EC / Giro cards, that have been until recently common in e.g. Germany may work often but not always. Additionally, in pubs and bars, it is common to pay when placing the order, before you get your drink, i.e. not in the end before you leave.