'Kollektomats' take over churches as Sweden moves to become world's first cash-free country

Sweden is quickly becoming the world’s first cash-free country, as the nation opts for tech-savvy payments through either plastic or electronic means.

More than half of the biggest banks in Sweden have already stopped accepting cash deposits or keeping money on the premises.

They say this move has saved them money in security by limiting incentives for bank robbers, the New York Times reported.

Former Abba member Bjorn Ulvaeus told the newspaper that cash is ‘dying out’ and will be a thing of the past.

“Everything speaks in favor of a cashless society,” he said.

“It’s a utopian thought, but we’re very close to it.”

Even religious groups refuse to fall behind the times, with some installing ‘Kollektomat’ machines in their churches.

The machines resemble a regular ATM machine, but allow members to deposit money to the church quickly and easily.

Only 15 per cent of church-goers pay their tithing by cash, the Times reported.

The majority of the countries around the world sees consumers using cash for around 75 per cent of payments.

In Sweden, just 20 per cent of the population still uses paper money, according to Euromonitor International.

With the increase in electronic payments also comes a higher risk of falling subject to fraud.

The New York Times reported that the number of electronic fraud instances have more than doubled since 2006, reaching a staggering 140,000 cases in December last year.

On home soil, the same trends are evident although Aussies are moving at a slower pace.

ATM cash withdrawals in Australia began to decline in 2012, the Australian Payments Clearing Association reports.

They predict that by 2018, 43% of transactions will be paid for in cash.

Morning news break - January 25