In Shadow of Facebook, Cashless Sweden Fears Data Privacy Risks
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The world’s oldest central bank says new regulations might be needed to safeguard the privacy of consumers in a cashless age.
Sweden has rapidly become the world’s most cashless society as consumers abandon paper money in favor of cards and payment apps. But if the payment systems are run by private companies, that may be a problem. The need to address the issue recently grew more urgent after it emerged that private user data stored by Facebook Inc. was misused by a third party.