The Payments Report describes and analyses developments on the retail payments market and presents the Riksbank’s assessments and work in the payment area.
Payments Report 2022
Increasingly easy to pay for most people – but for some it has become more difficult.Payments Report 2022
Conclusions and recommendations 2022
Payments in Sweden generally work well. Digitalisation is making payments faster and easier, to the benefit of both individuals and companies. A small number of limited disruptions occurred in the payment infrastructure in 2022. For payments to continue to work well, the following are important points to note:
Part of the population does not have access to digital payment methods and therefore has to use cash. Today, it is difficult for these people to pay their bills or to redeem payments, for example for pensions. This is something that the government and Riksdag need to address urgently. The ability to buy vital goods and services using cash must also be legally protected.
Preparedness and continuity plans in the event of disruptions are fundamental issues for the payment market. In order to increase the resilience of the payment system, there need to be better opportunities to pay by card or withdraw cash in the event of disruptions to the electricity supply or data communication. Several actors in the payment market are working on this issue, but it is important that work be prioritised by all parties involved.
Preparations for a Swedish digital complement to cash, known as the e-krona, need to be continued. An e-krona would preserve public access to government-issued money if cash were to be marginalised further. There is also an ambition to strengthen the resilience of the payment market and contribute to innovation. Another reason for this is that many other central banks are also examining the possibility of issuing a central bank digital currency. According to its current timeline, the European Central Bank will decide in September 2023 whether to launch a realisation phase of a digital Euro.
Cross-border payments must become faster and cheaper. The Riksbank therefore actively participates in several international forums and projects working to improve cross-border payments.
Today, households and businesses use the mobile application Swish to make and receive instant payments. Swish payments are settled in a privately owned system. As of this year, it is possible for instant payments to be settled in central bank money in the Riksbank’s RIX system instead, which decreases some risks. The Riksbank expect the banks to migrate Swish payments to the RIX-system in a safe and efficient way before summer 2023.
A government-issued e-identification is necessary. Such ID would promote competition in the payments market and provide equal access to e-ID for all.
The Payments Report describes and analyses developments on the retail payments market over the past year. It presents the Riksbank’s assessments and work in the payment area. The aim is to contribute to debate and make it easier for external parties to monitor, understand and evaluate the Riksbank’s work on the payment market. Since 2019, it has been published at the end of every year but, as of 2024, the annual publication will take place in the spring.