Posted 5/1/2012 1:03:54 PM UTC
Updated 5/1/2012 1:03:54 PM UTC
The necessity of paper money has been a much debated topic since the year 2000, while use of credit cards has highly been encouraged.
New generation payment methods outdated paper checks and coins, and now the mobil shopping is in the horizon.
iZettle, a new invention of Sweden, is a mobile gadget capable of making payments everywhere. Smart phones and computers are turned into swiping machines by inserting a tiny chip. The gadget allows bill payments and money transfer.
Sweden leads the transition to digital money.
Sweden has rapidly begun moving away from paper money. Bank notes and coins make up a meager 3 percent of the Swedish economy.
In 1661, Sweden was the first country that used paper money in Europe.