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Are YOU Ready To Go “Cash-Free”?

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It’s already happening in Sweden…We don’t mean having no money [even Sweden isn't nearly that radical]; but we are talking about having no coins or bills, and paying for everything by credit or debit cards.

Everything? Well, at least one Swedish church has set up a card reader, which allows worshippers to make donations electronically. How wide-spread is the “cash-free” movement?

In most Swedish cities, public buses don’t accept cash; tickets are prepaid or purchased with a cell phone text message. A small but growing number of businesses only take cards, and some bank offices — which make money on electronic transactions — have stopped handling cash altogether.(AP)

Traditional cash only accounts for three percent of Sweden’s economy. Most of Europe is at 9 %, while the US is at 7 %.

Proponents of the plastic life say it makes robbery less profitable, and reduces graft, since every transaction has an electronic trail that can be followed in case of questionable transactions. Those who prefer paying cash say using credit and debit cards reduce privacy for those making purchases. They also point out that those without credit cards will be handicapped making purchase in a cash-free Sweden.

Would you rather give up your bills and coins, or do you want to keep showing the money? Let us know, here or on our Facebook page.

[AP/CBSNews.com]

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