Niklas Arvidsson, one of the researchers at KTH behind the study, believes the prediction is possible.
"It's going very fast just now. For the banks handling cash is just a cost, so cash will only be available as long as people and stores request it," Arvidsson told newspaper Svenska Dagbladet (SvD).
According to the Swedish Trade Federation, 80 percent of all transactions in the retail trade in Sweden today are already made with cards.
As long as a store has clear information stating they do not accept cash they may so no to a customer who wants to pay with that method. State-owned institutions however must accept cash, SVD explains.