Payments in Sweden 2019

Published: 7 November 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.

Figure: The Swedish payment market is changing rapidly

The digitalisation of the payment market is progressing at a rapid pace in Sweden. The figure illustrates that the use of card payments (the red bars) is growing in all countries while developments in cash are more mixed (the blue bars). The red bars show the number of yearly card payments on average per person and the blue bars show the value of cash in circulation in relation to GDP. The amount of cash in circulation provides a rough measure of the demand for cash in the economy. Note: Figures for US card payments 2018 are missing and thus set equal to 2017. (Use the control under the explanations to change the time window.) Sources: The Riksbank, BIS, ECB and Norges Bank


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