Learn about the world's most widely used electronic payment system

Perhaps the first thing that comes to mind when talking about the state most used to modern technologies, including electronic payments, is the United States of America. But in fact, beginning in 2016, Sweden ranks first in the world in non-banknote transactions with a rate of 461.5 e-financial transactions per capita per year, compared to 459.6 for individuals in the United States.
Learn about the world's most widely used electronic payment system

This electronic financial revolution in Sweden reflects the full nature of the economy throughout the country. A statistical report dated September 2018, tracked by the Swedish Central Bank, on the behavior of shopping in Sweden, financial transactions account for only 13% of total sales in stores in Sweden. In 2017, it was a total value of currency in circulation paper in Sweden 112 billion Swedish crowns, and today is cash in circulation in the whole state paper does not exceed 50 billion Swedish kronor, and by 2023 Financial experts expect that Sweden is turning entirely to digital financial transactions and become so The first state in the world that completely abandons banknotes.

The digital financial transformation in Sweden is due to many factors that have enabled individuals to shift smoothly to electronic payment methods and tailor them to banknotes. Sweden has a strong telecommunications and Internet infrastructure, the second fastest Internet service in the world, and an Internet penetration of 94%, placing it fourth in the world in terms of the most countries in the spread of Internet use among the population. Sweden also has an advanced banking system that supports credit card transactions efficiently, as well as a local banking system for managing payments through mobile phones.

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In 2012, with the support of the central bank of Sweden, and in partnership between 6 major Swedish banks, the electronic payments service, Swish, was launched. The service enables anyone with a bank account at one of these banks and a local ID number to send and exchange money instantly through an application on his mobile phone. The current number of users is 6.5 million, representing more than 60% of the country's total population.