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This seems to pop up in different forms on HN every now and then and then the same arguments all take place in the comments so allow me to start. As a Swede I would not want to have it any other way, and any time I'm abroad I miss the simplicity. There are privacy issues and cost issues sure, but this is a general problem in lots of ways for most nations.
Swish is really taking off too. Even market stalls take Swish.
The part of the story that shows its Americanism though is the intro - churches in Sweden are basically empty :)
Meanwhile in NYC, paying by anything other than cash generally requires a $10-15 minimum. I find it incredibly inefficient and am sick of having to hold cash and constantly go to ATMs. I understand that the reason these card minimums are in place is because the card companies charge a non-trivial amount that wipes out the store's margins at low prices. How can we solve this?
Bitcoin?
There is also the added problem of protection. With credit and banking, you are ensured and regulated. Without, you are left to your own ability.
But those aren't the biggest problems. The problem is how do you pay taxes with bitcoin? Their market value at acquisition? Does the market fluctuation between collections and taxes count as interest/losses? Do you have to pay taxes on money lost for changing bitcoin to local currency?
These are all very large problems for a business owner.
the article isn't exaggerating; I take out two hundred kronor (not from an atm, but from the cashier at a supermarket when I pay for my groceries) and then it sits in my wallet 'just in case' for months. I carry a 10 Kr coin too, in case I need to use an old public toilet or borrow a shopping trolley. Swish is really taking off too. Even market stalls take Swish. The part of the story that shows its Americanism thoug…
Basically if you don't have an EFTPOS terminal as a retailer you may as well not exist. Even temporary food stalls at festivals usually have a mobile connected terminal.
Meanwhile in NYC, paying by anything other than cash generally requires a $10-15 minimum. I find it incredibly inefficient and am sick of having to hold cash and constantly go to ATMs. I understand that the reason these card minimums are in place is because the card companies charge a non-trivial amount that wipes out the store's margins at low prices. How can we solve this?
Earlier quoted context omitted.
That seems like a solvable problem though. For instance, prepaid cards or apps based on a similar principle should fix this.
By KYC laws prepaid CCs have to be registered with your name and address.
There are prepaid Internet enabled Visa/Mastercards available at 7-Eleven/Pressbyrån in Sweden from the supplier "Spendon" (www.spendon.se). No questions asked when purchasing them. It's sold as a "gift card" though.
This seems to pop up in different forms on HN every now and then and then the same arguments all take place in the comments so allow me to start. As a Swede I would not want to have it any other way, and any time I'm abroad I miss the simplicity. There are privacy issues and cost issues sure, but this is a general problem in lots of ways for most nations.
Do you trust your government?
Sure there are many who think politicians ineffective or don't agree with their views, but even petty corruption is unthinkable.
I don't know how it's for native swedes, but last couple times I was visiting there (and that was a few years ago) I didn't even bother to exchange currency or have any swedish kronor in my wallet. You just can do everything without cash.
Parking? Paid with an app (that charge my credit card).
Paying a friend or my kids for something? Done via the Swift app (instant bank to bank account transfer).
Buying veggies at the outdoor market? That guy will accept credit cards via a regular terminal or a phone with something like iZettle. Or perhaps even accept a Swift transfer to his phone.
Regular shopping, credit cards. At the corner tobacconist you may find an old and slow dialup-based terminal, but they are rare. Most terminals are online and operate at decent speed.
I'm sure there are cash-only businesses, but I'm not in the market for illegal drugs or no-receipt-handymans. :)
Meanwhile in NYC, paying by anything other than cash generally requires a $10-15 minimum. I find it incredibly inefficient and am sick of having to hold cash and constantly go to ATMs. I understand that the reason these card minimums are in place is because the card companies charge a non-trivial amount that wipes out the store's margins at low prices. How can we solve this?