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As digital payments and the use of credit and debit cards increase, Sweden might do away with paper money and coins all together. Could the rest of the world go cashless?

New technologies are making living cash free a reality. Thirty years ago, 36 percent of consumer purchases were paid for with cash. That number has dropped to just 14 percent. We are paying for things in lots of other ways -- online bill pay, mobile wallets, store-branded payment apps, and, of course, the old-fashioned credit and debit card. 

Jeff BlyskalSenior Editor at Consumer Reports, explained that the benefits of going cashless can come with a number of potential security and privacy tradeoffs, which aren’t immediately obvious and may cost you.