Sweden is close to becoming a cashless society: Report

Sweden may become one of the first fully cashless societies by 2030.

Swedish Krona currency.
Adam Jeffery | CNBC
Swedish Krona currency.

Swedish news site The Local reports four out of five purchases in Sweden are now paid electronically or by debit card, a very different picture from some parts of Europe.

"Sweden and the rest of Scandinavia leads the world in terms of cashless trading," said Bengt Nilervall at the Swedish Federation of Trade (Svensk Handel).

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A reduction in cash use would cut cash-handling costs and lead to a decline in armed robberies.

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Read the full story from The Local.