Cash is still little used according to a new study

Money/20/20, the world’s leading fintech show teamed up with YouGov to take the temperature of how Generation Z in Sweden, a nation aiming to go completely cashless, chooses to shop for Valentine’s Day.

Over 300 respondents received a number of questions on the topic.

• What are their preferred payment methods?
• What is the gift budget in times of inflation and uncertainty?
• When does Gen Z choose to shop for their loved one?

Were any of the questions asked.

Buying with a smartphone is most popular – but many people still prefer physical shopping. Over 63% of respondents choose to complete their purchase with their smartphone instead of using a physical debit or credit card. Sweden’s most used mobile wallet Swish which has passed 8 million users and the mobile ID verification BankID used by 8.2 million people are to some extent contributors to the mobile payment choice indicated in this survey.

“Mobile wallets are the key to Sweden’s path to a cashless society. When over 80% of the population uses Swish, it really shows what is possible when banks work together for the benefit of the customer. JPMorgan Chase’s plan to build a digital wallet in partnership with banks like Bank of America and others is also evidence that the US is realizing the benefits of joining forces like Swish did in Sweden a decade ago, he said. Scarlett Sieber, Chief Strategy & Growth Officer at Money20/20.

Surprisingly, almost a third (29%) choose to visit a store, taking the physical route rather than an online purchase. Perhaps this shows that even in a cashless society, romance is not dead for Swedish women, and they still need to go to the store to find the right gift, instead of buying the first box of chocolates on Amazon. However, almost half of men (47%) still prefer to shop online from home.

Cash is still a thing – even in Sweden. Despite the fact that many shops, restaurants and hotels no longer accept cash in Sweden, there is still a small Gen Z group that prefers cash purchases. About 5% of respondents choose this method of payment.

“The fact that as many as 5% of GenZ respondents choose to pay with cash this Valentine’s Day is quite surprising since the Swedish Riksbank recently announced that 8% of the entire population of Sweden still use cash as a preferred payment choice. On the other hand, Sweden has come much further in phasing out cash than establishing Valentine’s Day as a holiday, said Christoffer Malmer, head of SEB Embedded.

Stockholmers and rural areas – later with their purchases

When Gen Z chooses to buy their gift depends to some extent on where you live in Sweden. In Stockholm and the countryside, as many as 16% buy their gift a day before Valentine’s Day. Gen
Zers in smaller cities seem to plan their shopping more in advance, with only 8% buying the gift the day before.

The full Money20/20s YouGov survey can be found here.