CASHMASTER

A much-publicised study last year by Stockholm’s KTH Royal Institute of Technology said the prevalent use of mobile app-based payment transactions in Sweden was fast shaping the country’s transition into the world’s first cashless society.

It estimated that less than 80 billion krona (HK$72.7 billion), down from 106 billion krona about six years ago, were in circulation there.

But a cashless future is still far off for most countries. Banks, supermarkets, convenience stores, fast-food shops and other retailers see cash and coins as a vital part of their operations, even as credit card and digital transactions grow.

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