Payment methods in Sweden - Statistics & Facts

Sweden, to a certain degree, is more and more becoming a cashless society. Despite its small size, it was among the European countries least likely to use cash money. The use of cash declined for years, as the share of cash in total payment transactions reached around 12 percent. On top of that, the country is experimenting with its own digital currency, the e-krona. An experiment like that could eventually lead to the creation of one of the world’s first major CBDC – central bank digital currency, a cryptocurrency created and issued by a national monetary authority - further cementing Sweden as a global frontrunner in digital payments.

Cashless payments analyzed

If Sweden do not use cash, how do they prefer to pay? Cashless payments are often referred to as “digital payments” and indicate any type of payment that does not involve physical coins or paper money. This can include transactions involving a mobile phone, but also includes card payments. This distinction matters for Sweden, as card payments ranked as the most popular offline payment method in the country. Most card payments consisted of debit cards – as the debit card transaction volume is roughly five times bigger than that of credit cards. The popularity of card payments extended to online shopping as well, although invoicing was a more popular way to pay for e-commerce in 2020. Mobile phone payments are prevalent in Sweden, though, especially when consumers want to pay money to their friends.

Swish: the local mobile payment app

An important digital payment method available in Sweden is Swish: This mobile payment app was already more popular then the similar-functioning PayPal or Apple Pay even before the coronavirus pandemic. Swish was originally an initiative from several of Sweden’s biggest banks that officially launched in 2012. By March 2021, the application – which can be used both online as well as in-store - had over eight million user accounts. It is estimated to have a daily active user (DAU) count of more than 200,000 people per day.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Jun 23, 2023

Key insights

Most popular online payment method in the Nordic countries
Swish, Vipps and MobilePay
Weekly user rate of P2P payment apps
35%
Total number of debit card payments
2.9bn
Get more insights

Editor’s Picks Current statistics on this topic

Most commonly preferred online shopping payment methods in Sweden in 2021

Digital Shopping Behaviour

Leading payment methods for online shopping in Sweden 2021

Most popular payment methods for online purchases in the Nordic countries in 2022

Online Retail

Most preferred payment methods for online purchases in Nordic countries 2022

Number of Swish customers in Sweden as of May 2023, by account type (in 1,000s)

Fintech (Mobile/online banking)

Number of Swish customers in Sweden 2023, by account type

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Further reportsGet the best reports to understand your industry

Mobile payments in the United Kingdom (UK)
Mobile payments in the United Kingdom (UK)
Mobile payments in the Nordic countries
Mobile payments in the Nordic countries
Payments in Denmark
Payments in Denmark
Payments in Norway
Payments in Norway
Payments in Finland
Payments in Finland

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