Sweden's cashless transition spurs counterfeit threats and digital exclusion

Sweden is on track to become the world’s most cash‑free society, with cash payments falling from about 40 % in 2010 to roughly 5 % today. While the move to digital payments accelerates, incidents of counterfeit banknotes persist. The Riksbank reported a sharp rise in forged notes in 2020, and authorities continue to receive several counterfeit bills each week, especially during summer when inexperienced temporary staff are more likely to miss fakes. Security chief Nina Jelver of Svensk Handel advises checking the “kr” lettering that shifts when a genuine 500‑krona note is tilted, a feature absent from most forgeries.

The rapid digitisation also leaves vulnerable groups behind. Older adults, low‑income earners, people with disabilities and foreign‑born citizens report difficulty accessing digital services such as BankID, Swish and online public portals. A government budget earmarks 25 million SEK annually through 2028 for the PTS agency to provide physical help points and training, aiming to prevent digital exclusion as the cashless model expands.