The second reason is that thanks to a high level of trust for institutions and banks, Swedes are much less likely to worry about potential data breaches- the kind of data breaches that are becoming a regular occurance in the United States. Swedes are used to sharing personal information.
Despite a few vocal critics, Osterlund is confident in the technology. “Everything is hackable. But the reason to hack them will never be bigger because it’s a microchip. It’s harder for someone to get to, since you put it in you,” he says.
That said, there is no current national legislation to regulate the technology. One of those vocal critics, Ben Libberton, a British Scientist, is starting a campaign to pressure lawmakers to increase oversight for the microchip technology.
“What is happening now is relatively safe. But if it’s used everywhere, if every time you want to do something and instead of using a card you use your chip, it could be very, very easy to let go of [personal] information,” he says.