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The Story of Cash and the Route Toward a Cashless Society: The Case of Sweden

In: Building a Cashless Society

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  • Niklas Arvidsson

    (Royal Institute of Technology)

Abstract

The Swedish payment system can be said to have started in 995 as the first Swedish coins were minted in Sigtuna as a response to an increased trade between European merchants. This helped and stimulated trade between Swedish and foreign merchants and thereby became important for the economy in the cities that made the cornerstones of these societies. However, the system was not well developed until the beginning of the seventeenth century when the first banks were created as the chancellor of the realm Axel Oxenstierna stressed the need for banks that could create a better connection between savings and lending in Sweden. As most of the times, this also was in the interest of the King of Sweden Karl X Gustav who was fighting wars in Poland and in need of money to finance the war efforts.

Suggested Citation

  • Niklas Arvidsson, 2019. "The Story of Cash and the Route Toward a Cashless Society: The Case of Sweden," SpringerBriefs in Economics, in: Building a Cashless Society, chapter 0, pages 27-39, Springer.
    • Handle: RePEc:spr:spbchp:978-3-030-10689-8_4
    DOI: 10.1007/978-3-030-10689-8_4
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    Cited by:

    1. Tamás Végsõ, 2020. "Comparative Analysis of the Changes in Cash Demand in Hungary," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 19(1), pages 90-118.

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