Payments in Sweden 2019
The Swedish payment market is changing rapidly. Digital payment methods are forcing out cash and new technology is leading to payment services being offered by companies other than banks. This is happening fast in Sweden. Digitalisation makes payments easier and smoother, but also creates risks that need to be managed. The Riksbank therefore needs to keep up with developments and modernise both its money and its systems.
The payment market is being digitalised
The payment market is going through a phase of major change driven by new digital technology. It has become easier...Key drivers and trends Cash use in constant decline More common to pay by mobile phone app (Swish) Card payments still dominate Cryptocurrencies are not normal money
Swedish payments are secure and efficient
Even if digital payments are simple and convenient, the development places new demands on security. The number of...Security in Sweden is high from an international perspective Digitalisation makes payments more efficient International payments need to be streamlined
The Riksbank is adapting to the digital world
The Riksbank is analysing the possibility of modernising the Riksbank’s money and system for rapid payments so that...Rapid payments require innovation Digital cash: the e-krona project The Riksbank intends to use TIPS Government inquiry into the digital payment market Strengthened preparedness in the financial sector