(Reported By Lauren Comiteau) My dad, a former Wall Street trader always advised me “cash is king” and to “hold on to it” when the economy gets tough. But in the Netherlands, cash is definitely not getting the royal treatment. In so many places, it has simply ceased to be recognised as legal tender. More and more Dutch stores, from upscale health-food store Marqt to my local baker and bagel shop, take pin — or debit — cards exclusively. Some retailers even describe going cash-free as “cleaner” or “safer”.
Like the Netherlands and its Scandinavian neighbours, Sweden is among the front-runners in the race to eradicate cash.
It all comes down to profit margins. Swedish banks, profit handsomely from charging transaction fees to retailers for card payments, amounting to millions of kronas annually for the banks, whereas there is no revenue generated on cash. This leaves banks little incentive to accept currency.
Full Report on BBC