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Sweden Cards and Payments – Opportunities and Risks to 2025

The annual value of card transactions in the Sweden cards and payments market was valued at $126.8 billion in 2021. The market is projected to grow at a CAGR of more than 4% during the forecast period. Sweden’s cards and payments industry is well developed and mature, with Swedish consumers prolific users of payment cards. Growth in the payment card market has been supported by the combined efforts of the Swedish government and banks to promote card payments and improve payment card acceptance infrastructure.

The Sweden cards and payments market report provides a detailed analysis of market trends in the Swedish cards and payments industry. It provides values and volumes for several key performance indicators in the industry, including cash, cards, direct debits, credit transfers, and cheques during the review period 2017-21. 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. Furthermore, it offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Sweden Cards and Payments Market Outlook

Sweden Cards and Payments Market Outlook

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What are the market dynamics in the Sweden cards and payments market?

The country’s well-developed infrastructure, affordable and widely available financial products, the strong presence of alternative payment methods, and the consumer preference for electronic payments have driven Sweden to become a less cash-dependent society. Apart from cards, Swedish consumers widely use mobile wallets for payments. Swish is the most popular mobile wallet brand in Sweden, while international brands such as Apple Pay and Google Pay also have a presence in the market. Amid the COVID-19 pandemic, the payment market is undergoing major changes and Swedish consumers are increasingly opting for secure digital payments, further reducing the use of cash.

The adoption of contactless payments for public transport will further drive payment card usage. In February 2021, Stockholm rolled out an open-loop contactless payment system on public transport across the city. Commuters can now pay for metro, rail, bus, tram, and boat trips by tapping their contactless card or NFC-enabled mobile wallet solution against card readers.

What are the key payment instruments in the Sweden cards and payments market?

The key payment instruments in Sweden cards and payments market are cards, credit transfers, cash, and direct debits. Cards have the majority transaction volume, followed by credit transfers and cash. The growing preference for contactless payments (especially amid COVID-19) has driven the growth of payment cards, as it accelerated the shift from cash to payment cards for low-value transactions. The emergence of digital-only banks and rising eCommerce will further support payment card market growth. With the growing preference for card-based payments and the availability of various alternative payment methods, the share of cash is expected to decline further over the forecast period.

Sweden Cards and Payments Market Analysis by Payment instruments

Sweden Cards and Payments Market Analysis by Payment instruments

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Who are the key players in the Sweden cards and payments market?

Some of the key players in the Sweden cards and payments market are Swedbank, SEB, Nordea, Handelsbanken, ICA Banken, Lansforsakringar Bank, IKANO Bank, Mastercard, Visa, American Express, Diners Club, and Nexi.

Market report scope

Market size (Year – 2021) $126.8 billion
Growth rate (CAGR) >4%
Forecast period 2021-2025
Key payment instruments Cards, Credit Transfers, Cash, and Direct Debits
Key players Swedbank, SEB, Nordea, Handelsbanken, ICA Banken, Lansforsakringar Bank, IKANO Bank, Mastercard, Visa, American Express, Diners Club, and Nexi

Scope

This report provides:

  • Current and forecast values for each market in the Swedish cards and payments industry, including debit, credit, and charge cards.
  • Detailed insights into payment instruments including cards, credit transfers, cash, and direct debits. It also includes an overview of the country’s key alternative payment instruments.
  • E-commerce market analysis.
  • Analysis of various market drivers and regulations governing the Swedish cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape of the Swedish cards and payments industry.

Reasons to Buy

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

Key Players

Swedbank

SEB

Nordea

Handelsbanken

ICA Banken

Lansforsakringar Bank

IKANO Bank

Mastercard

Visa

American Express

Diners Club

Nexi

Worldline

Elavon

PaypPal

AfterPay

Apple Pay

Samsung Pay

Google Pay

Klarna

Swish

Table of Contents

Table of Contents

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

The cards and payments market size in Sweden was valued at $126.8 billion in 2021.

 

 

 

 

The cards and payments market in Sweden is projected to grow at a CAGR of more than 4% during the forecast period.

The key payment instruments in Swedish cards and payments market are cards, credit transfers, cash, and direct debits.

The key players in the Swedish cards and payments market are Swedbank, SEB, Nordea, Handelsbanken, ICA Banken, Lansforsakringar Bank, IKANO Bank, Mastercard, Visa, American Express, Diners Club, and Nexi.

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