Swedish citizens are having microchips implanted under their skin, the chips are used to carry out day to day activities rendering cash and credit cards redundant.
Over 4000 people have already had the chips implanted on them and the developers predict that millions will soon have the chips not only in Sweden but also across the world.
Other than carrying out financial transactions, the chips also monitor the bearers health and also allow them access key card protected buildings by a swipe of hand.
Those who have had the chips implanted have been in stores paying for products by means of hand swipes. The new technology has caught on in Sweden where the government is trying to eliminate cash.
The developers insist that the technology is safe but critics have raised alarm over the technology suggesting that number of cyber crime may double in the country.
Other critics fear that the mass of data collected could fall into wrong hands if not properly stored leading to health insurance fraud and other white color crimes.
The new technology has come at a time when Sweden is marching towards complete elimination of cash in the economy. Already coins and notes make up only 1per cent of Sweden economy with the rest of transactions done via other cashless methods like credit card and mobile banking. As a result of reduced cash transactions, the country has experienced unprecedented reduction in bank robberies, recording only two bank robberies in 2019 compared to 110 in 2018.