Vocabulary

cash	digitally	takes a while
Kroner	currency	hospitality
sector	disappear	around (2)
carry	function	carry around
app	sign (3)	central bank
warn	field (2)	win/won/won
shift	payment	private (2)
accept	require	infrastructure
coin	trial (2)	physical (2)
plan	consumer	launch (2)
official	pilot (2)	operate (2)
crypto	transfer	collect (2)
secure	enter (2)	button (2)
verify	core (2)	anonymous
prefer	confirm	old-fashioned
in case	terrible	catastrophe
safe (2)	mistake	convenient
clever		emergency

 
 
 
 
 
 

 

Video: Cashless Society in Sweden

 
 
 
 
 

Transcript

Here on the streets of Stockholm, it takes a while to find someone who still carries cash. The Swedish currency, the Kroner, is disappearing . . . at least in physical form.

Resident One: “I’m in the hospitality sector. And cash, the Kroner, isn’t around anymore.”

Resident Two: “I think it’s great we don’t have to carry around cash anymore. And that everything functions digitally.”

Shopping in Sweden today usually requires payment by card or smartphone app. Signs warn that physical currency is no longer accepted.

Among the biggest winners of the shift to cashless payments are the private banks who control the infrastructure.

Now Sweden’s central bank is planning to enter the field with its own official digital currency.

Gabriela Guiborg, Swedish Biksbank: “One possibility is a kind of digital coin. Instead of cash in the physical form, it would function entirely digitally, something that consumers and companies could download via an app.

The other option would be a digital account with the Central Bank, where customers can store pre-paid credit, and also downloaded it.”

After much planning, the idea is about to become a reality. This year the central bank will launch a two-year trial. Software companies like this one in Stockholm will operate the pilot system.

At its core will be a crypto-currency that is both secure and easy to use.

Christian Landgren, CEO Iteam Solutions: “It functions like a normal app. It uses to transfer money or make online payment. But you don’t have to enter credit card information; instead you simply click a button to confirm. The crypto system collects and verifies all the data.

Anonymous payments using Sweden’s new e-Kroner are also being tested.

For some, mostly older people who prefer old-fashioned money, the change is too fast.

Here in Malmo, one community group is trying to help them understand the digital world.

Senior Citizen, one: “Cash is simpler, and more convenient. It’s terrible that banks don’t want it anymore. A real catastrophe.

Senior Citizen, two: “It’s easy to make a mistake when typing. What happens then? I think it’s really unsafe.”

A complete shift away from cash isn’t part of the Central Bank’s plan — in case it’s needed in emergencies.

For those here in Malmo, cash remains a clever idea.

 

 

Questions

1. In Sweden, about half of people use cash, and half use digital payments. True or false?

2. Do people on the street miss cash? Are they apprehensive (worried) about digital money?

3. All shops and businesses accept cash, bankcard or smartphone payments. Is this right or wrong?

4. Only private banks and online money transfer companies are involved in e-payments. Is this correct or incorrect?

5. According to experts and officials, are online payments easy to perform?

6. Are senior citizens (old people) enthusiastic and happy about online payments?

7. Will the Swedish government totally eliminate cash?

 

A. How do people pay for products and services in your town, city or country?

B. Has it been changing over the years? How has it been changing?

C. Everyone prefers to pay by bankcard or smartphone. Yes or no?

D. Are there any possible disadvantages to e-payments?

E. What might happen in the future?