Everyone needs to be able to pay bills, buy food and make other necessary payments safely throughout Sweden. The fact that financial market participants must meet households’ needs for financial services is also part of the financial market policy objectives decided by the Riksdag. However, if one does not have a payment account or cannot use today's digital payment methods, it has become difficult to have a functional life in Sweden. An important reason is that the ability to pay bills over the counter, for example, by cash or card, has fallen by 80 per cent in the last five years. Now there are only 32 locations in Sweden where this is possible if you are not a customer of a specific bank. For several years, the County Administrative Board of Dalarna has been sounding the alarm that developments have led to unsatisfactory access to basic payment services in large parts of the country.

The Riksbank considers the problem to be serious. Both banks and the public sector need to take a holistic approach to ensure an inclusive payments market.

First, the Riksbank thinks that the banks should ensure that they always consider risk mitigation measures before deciding to refuse or close a payment account. To make correct decisions, bank staff involved in the design, execution and review of processes related to access to payment accounts need guidelines on how to carry out risk assessments, as well as good knowledge of the regulations. In addition, banks need to inform consumers who have been refused an account or had it cancelled about how to appeal the decision. To help banks make correct judgements when anti-money laundering regulations conflict with the right to a payment account, Finansinspektionen will issue guidance in this area. The Riksbank considers this to be an important measure for improving access to a payment account. According to the Riksbank, the work of issuing guidance and ensuring that the banks subsequently follow the guidance should be given priority.

Second, 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. In the short term, government money earmarked for basic payment services could be used to a greater extent to procure over-the-counter payment services or provide support to companies offering such services. This can be done within the mandate of the relevant authorities. A longer-term solution could be to offer a basic level of such services in the public sector throughout the country.

The background and assessments are also described in sections “More people should have access to a payment account” and “Important to be able to pay with simple payment methods at reasonable prices”.