Cashless payment transactions could soon be technically possible. It won't be long in Sweden, but what about Germany? Will bills and coins soon be abolished here too?

In Sweden, 95 percent of all retail sales are now processed digitally.

In summer 2015, one of the German government's five economic experts called for the abolition of cash. Bills and coins are simply outdated and no longer fit for purpose.

The Bundesbank expressly disagrees. Everyone should be able to pay as they wish, it says. Cash is still the most popular means of payment for Germans. Almost all purchases are (still) paid for in cash.

However, debit and credit cards are being used more and more frequently when booking a hotel, filling up with gas or shopping. Data protectionists warn of the "transparent payer". The state and banks in particular would benefit from these developments, as they have access to sensitive data on money transactions and can control and set account fees and interest rates for loans and savings.

However, there are also arguments in favor of abolishing cash. For example, the reduction of crime in the form of tax evasion, money laundering, illegal employment and drug trafficking or simply bank robberies. In addition, the use of cash is expensive - from minting the coins and printing the bills to distributing them through cash transportation and the cost of insurance.

In Sweden, more than 500 bank branches are already completely cashless. More than 900 ATMs have been abolished across the country. Even a number of churches no longer have bell bags - worshippers donate directly with their card at the exit.

However, doing without cash also has disadvantages. Experts anticipate a sharp rise in cybercrime by hackers. Undeterred by this, the global trend towards cashless payments continues. The Danish National Bank has announced that it will no longer be printing banknotes from 2017.

In Sweden, where 75 percent of citizens already use cashless payment, the "Swish system" is used: here, payments between individuals are transferred from one cell phone to another at the touch of a button. Mobile payment systems like these will continue to develop in the future. Companies from outside the industry, such as Apple and Samsung, are entering the market.

The end of cash is technically possible very soon.

And this is where blockchain will play a central role. The future of money will then change forever!

In the video you can see an excerpt from the 3sat report on cashless payment.