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Sweden may ‘become world’s first cashless nation’

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Sweden is on track to becoming the world's first cashless society, thanks to the country's embrace of information technology as well as a crackdown on organized crime and terror, according to a new study.

Niklas Arvidsson, a researcher at KTH Royal Institute of Technology in Sweden, said that the widespread and growing embrace of the mobile payment system, Swish, is helping hasten the day when Sweden replaces cash altogether. Cash is still an important means of payment in many countries' markets, but that no longer applies here in Sweden.