There must be payment methods for everyone

The Riksbank believes that the banks, the Riksdag and the Government need to do more to include more people in the payments market.

Firstly, the banks should always consider risk mitigation measures before refusing or closing a payment account. Finansinspektionen (the Swedish Financial Supervisory Authority) will issue guidance in this area, which will help the banks make correct decisions when anti-money laundering rules conflict with the right to a payment account.

Secondly, the Riksbank believes that a solution is needed so that people who do not have a payment account or who experience digital exclusion can also make necessary payments, such as paying bills. The Riksbank believes that it should be possible to develop standardised alternatives that can be offered throughout the country.

Access to cash services needs to be improved

The Riksbank considers that the proposals made by the Government in the referral from the Council on Legislation “Åtgärder för att stärka kontanternas funktionssätt” (Measures to strengthen the functioning of cash) should be implemented as soon as possible. At the same time, further action is needed.

The Riksbank considers that the requirements governing which cash‑withdrawal loca-tions banks may count towards their obligations should be tightened in regulations and supervision. The Riksbank also considers that banks that are obliged to provide cash services shall be required to have a contractual relationship with other cash service providers. If they lack this, they should not count towards the cash withdrawal points that banks use to fulfil the legal requirement.