Sweden Cards and Payments – Opportunities and Risks to 2026

Sweden Cards and Payments Market Report Overview

The Sweden cards and payments market size was valued at $117.9 billion in 2022 and is expected to achieve a CAGR of more than 4% during 2022-2026. Cards are the preferred method of payment among Swedish consumers. The convenience of cards, enhanced security, and the growing adoption of contactless have supported its growth.

The Sweden cards and payments market research report provides a detailed analysis of market trends in the Sweden cards and payments industry. The report provides values and volumes for several key performance indicators in the industry, including cards, credit transfers, mobile wallets, cash, and direct debits. including cards, credit transfers, mobile wallets, cash, and direct debits. Moreover, it offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Sweden Cards and Payments Market Outlook, 2022-2026 ($ Billion)

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Sweden Cards and Payments Market Dynamics

Growth in the payment card market has been supported by the combined efforts of the government and banks to promote card payments and improve payment card acceptance infrastructure. Payment cards are gradually replacing cash and are now used for low-value, everyday transactions. 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 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.

The ecommerce market in Sweden has grown at a healthy pace from 2018-2022. This growth was mainly due to rising internet and smartphone penetration, coupled with increasing consumer confidence in online transactions.

Sweden Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Sweden cards and payments market are cards, credit transfers, mobile wallets, cash, and direct debits. In 2022, cards was the major payment instrument supported by the growing consumer preference for card payments, the country’s well-developed payment infrastructure, and a wide card acceptance network. The growing preference for contactless payments (especially amid COVID-19) has further 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.

Sweden Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

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Sweden Cards and Payments Market Segments

The key segments in the Sweden cards and payments market are card-based payments, merchant acquiring, ecommerce payments, in-store payments, buy now pay later, mobile payments, p2p payments, bill payments, and alternative payments.

Sweden has a highly developed payment card market with card penetration of nearly two cards per individual. This is supported by a high level of awareness of electronic payments, a nearly 100% banked population, and well-developed payment acceptance infrastructure. While the market is reaching maturity in terms of the number of cards in circulation, it has registered healthy growth in terms of both card payment transaction volume and value.

Sweden Cards and Payments Market - Competitive Landscape

Some of the leading players in the Sweden cards and payments market are Swedbank, SEB, Nordea, Svenska Handelsbanken, ICA Banken, Lansforsakringar Bank, MedMera Bank, Ikano Bank, Skandia, Mastercard, Visa, American Express, and Diners Club.

Sweden Cards and Payments Market Report Overview

Segments Covered in the Report

Sweden Cards and Payments Instruments Outlook (Value, $ Billion, 2018-2026)

• Cards
• Credit Transfers
• Mobile Wallets
• Cash
• Direct Debits

Sweden Cards and Payments Market Segments Outlook (Value, $ Billion, 2018-2026)

• Card-Based Payments
• Merchant Acquiring
• Ecommerce Payments
• In-Store Payments
• Buy Now Pay Later
• Mobile Payments
• P2P Payments
• Bill Payments
• Alternative Payments

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, mobile wallets, cash, and direct debits. It also, includes an overview of the country’s key alternative payment instruments.
• Ecommerce 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.