There may be no more ‘money, money, money’ in Sweden soon, as a former Abba member joins a push to make the country a completely cashless society.
In most Swedish cities, public buses don’t accept cash; tickets are prepaid or purchased with a mobile phone text message.
‘I can’t see why we should be printing bank notes at all anymore,’ says Bjorn Ulvaeus, former member of ABBA, and a vocal proponent for a world without cash.
Three per cent is still too much if you ask Ulvaeus. A cashless society may seem like an odd cause for someone who made a fortune on ‘Money, Money, Money’ and other ABBA hits, but for Ulvaeus it’s a matter of security.
After his son was robbed for the third time he started advocating a faster transition to a fully digital economy, if only to make life harder for thieves.
‘If there were no cash, what would they do?’ says Ulvaeus, 66.