Sweden Cards and Payments – Opportunities and Risks to 2028

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Sweden Cards and Payments Market Report Overview

The annual value of card transactions in the Sweden cards and payments market was $127.7 billion in 2023 and will grow at a CAGR of more than 6% during 2024-2028. The Sweden cards and payments market research report provides a detailed analysis of market trends in Sweden’s cards and payments industry. It provides values and volumes for key performance indicators in the industry, including cash, cards, credit transfers, and direct debits during the review period.

Sweden Card Transactions Outlook, 2023-2028 ($ Billion)

Sweden Card Transactions Outlook, 2023-2028 ($ Billion)

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The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Annual Card Transactions Value (2023) $127.7 billion
CAGR (2024-2028) >6%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Payment Instruments ·       Cards

·       Credit Transfers

·       Direct Debits

·       Cash

Key Segments ·       Card-Based Payments

·       E-commerce Payments

·       Alternative Payments

Leading Players ·       Visa

·       Swedbank

·       SEB

·       Mastercard

·       Nordea

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Sweden Cards and Payments Market Dynamics

Sweden is a card-based economy and is heading toward a truly cashless society due to government initiatives and the societal shift away from cash. The constant decline in cash usage coupled with the strong preference for payment cards and rising usage of alternative solutions, signals a transformative trend. For instance, Sveriges Riksbank has created a detailed action plan for the development of its digital currency, the e-krona. The project to develop the e-krona was initiated in 2019. The currency will be based on blockchain technology and will be a government-guaranteed method of payment without credit risk. At the time of writing, the project is still in the developmental phase.

Despite the strong uptake of electronic payments, there are still some gaps in terms of awareness, especially among senior citizens and individuals in rural areas. To address this, an annual national event called Digitalidag is held, focusing on the opportunities and challenges of digitalization.

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Sweden Cards and Payments Market Segmentation by Payment Instruments

Cards had the highest share of payment transaction volume in 2023

The key payment instruments in the Sweden cards and payments market are cards, credit transfers, direct debits, and cash. Card payment growth can be attributed to the strong consumer preference for card-based payments, the country’s well-developed payment infrastructure, and a wide card acceptance network. The growing preference for contactless payments has further driven the growth of payment cards, accelerating the shift from cash to cards for low-value transactions.

Sweden Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2023 (%)

Sweden Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2023 (%)

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Sweden Cards and Payments Market Segments

A few of the key segments in the Sweden cards and payments market are card-based payments, e-commerce payments, and alternative payments among others.

E-commerce Payments: Sweden’s e-commerce market grew significantly in 2023 owing to rising internet and smartphone penetration. As per Eurostat, most households had internet access in 2022. Meanwhile, the percentage of individuals aged 16-74 years who ordered goods or services over the Internet for private use also increased significantly from 2017 to 2022.

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Sweden Cards and Payments Market - Competitive Landscape

A few of the leading players in the Sweden cards and payments market are Visa, Swedbank, SEB, Mastercard, and Nordea.

Sweden Cards and Payments Market Analysis by Players, 2023

Sweden Cards and Payments Market Analysis by Players, 2023

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Sweden Cards and Payments Market – Latest Developments

  • In May 2023, Vasttrafik (the transportation authority for Gothenburg and Western Sweden) announced the launch of Tap and Go contactless payments for buses, trams, and ferries using contactless debit and credit cards.
  • In May 2022, PayPal subsidiary Zettle launched its Tap To Pay solution, which allows merchants to accept payments made using contactless cards and digital wallets directly via NFC-enabled Android mobile devices.

Segments Covered in the Report

Sweden Cards and Payments Instruments Outlook

  • Cards
  • Credit Transfers
  • Direct Debits
  • Cash

Sweden Cards and Payments Market Segments Outlook

  • Card-Based Payments
  • E-commerce Payments
  • Alternative Payements

Scope

  • Sweden is heading toward a true cashless society, led by government initiatives and the societal shift away from cash. The constant decline in cash usage-coupled with the strong preference for payment cards and rising usage of alternative solutions-signals a transformative trend. Sveriges Riksbank has created a detailed action plan for the development of its digital currency, the e-krona. The project to develop the e-krona was initiated in 2019. The currency will be based on blockchain technology and will be a government-guaranteed method of payment without credit risk. At the time of writing, the project is still in the developmental phase.
  • Amid the increased pace of digitalization, banks in Sweden have ceased offering cash withdrawal services. According to Riksbank, 660 bank branches offered over-the-counter cash withdrawals in 2017; as of April 2022, none of the major banks offered this service. Meanwhile, the Kassagirot service offered by payment services provider ClearOn (enabling petrol stations and grocery stores to act as payment service agents and dispense cash) was discontinued in August 2022. Cash services are disappearing as a direct result of reduced consumer demand for cash and growing uptake of electronic payment methods.
  • Despite strong uptake of electronic payments, there are still some gap in terms of awareness, especially among senior citizens and individuals in rural areas. To address this, an annual national event called Digitalidag is held, focusing on the opportunities and challenges of digitalization. One of the focus areas of the 2023 Digitalidag program was to spread awareness of online fraud and misinformation, as well as measures to safeguard consumers (especially senior citizens) from these threats. Initially started in 2019 across 11 towns, the event has been expanded to additional towns and cities since. The 2023 event saw the launch of 1,000 initiatives across 216 municipalities. Such initiatives are expected to further increase digital awareness, thereby accelerating the shift toward a more digitalized society.

Reasons to Buy

  • Make strategic business decisions, using top-level historical and forecast market data, related to the
  • Sweden’s cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in Sweden’s cards and payments industry.
  • Assess the competitive dynamics in Sweden’s cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Sweden.
  • Gain insights into key regulations governing Sweden’s cards and payments industry.

Swedbank
SEB
Svenska Handelsbanken
Ikano Bank
Nordea
Medmera Bank
ICA Banken
Skandia
Visa
American Express
Mastercard

Table of Contents

Executive Summary

Market Overview

Payment Instruments

Card-Based Payments

Merchant Acquiring

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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