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The Story of Cash and the Route Toward a Cashless Society: The Case of Sweden

2019; Springer International Publishing; Linguagem: Inglês

10.1007/978-3-030-10689-8_4

2191-5512

Niklas Arvidsson,

European Monetary and Fiscal Policies

The Swedish payment system can be said to have started in 995 as the first Swedish coins were minted in Sigtuna as a response to an increased trade between European merchants. This helped and stimulated trade between Swedish and foreign merchants and thereby became important for the economy in the cities that made the cornerstones of these societies. However, the system was not well developed until the beginning of the seventeenth century when the first banks were created as the chancellor of the realm Axel Oxenstierna stressed the need for banks that could create a better connection between savings and lending in Sweden. As most of the times, this also was in the interest of the King of Sweden Karl X Gustav who was fighting wars in Poland and in need of money to finance the war efforts.