In 2018, a former deputy governor of Sweden's Central Bank predicted that the country would be cashless by 2025. Seven years later, that prediction has almost come true—only 1 in 10 purchases are made with cash, while cards and the Swish mobile payment system dominate.

Sweden and Norway have the lowest cash circulation as a percentage of GDP in the world. However, global uncertainty—war in Europe, instability in the US and Russian threats—are making a cashless society less ideal, writes the Guardian.

Authorities are now urging citizens to keep cash on hand for emergencies. In November, Sweden's Ministry of Defense sent citizens a brochure advising them to use and store cash for at least a week. The Central Bank emphasizes the importance of financial preparedness and supports policies that require some businesses to accept cash, reports KosovaPress.

Norway has also changed course, imposing fines for vendors who refuse cash and recommending citizens carry physical cash due to the risk of cyberattacks.

Despite being among the most cashless societies in the world, Sweden and Norway still rely on cash for emergencies.