According to a study published by a group of industrial technologists led by Niklas Arvidsson at the Royal Institute of Technology in Stockholm, banks and economists are pushing a "cashless society" due to the rapid growth of digital transactions, secure online medium of payments and the sudden decay of cash.

Arvidsson and his team of researchers stated that there are around 80 billion Swedish krona in regular circulation (country's wallets and cash registers), a significant decay of cash since 2009.

"Cash is still an important means of payment in many countries' markets, but that no longer applies here in Sweden. Our use of cash is small and it's decreasing rapidly," said Arvidsson.

Six years ago, the total circulation of cash in the entire country recorded 106 billion krona, around 40 percent to 50 percent more than today's "regular cash circulation."

"And out of that amount, only somewhere between 40 and 60 percent is actually in regular circulation," Arvidsson continued. He further explained that rest of the money is lost in bank deposit boxes or traded in the black markets of Sweden.