Aino Bunge: “Payments that don't function in day-to-day life will not function in a crisis either”

Today, the Riksbank held a seminar to discuss issues related to the functioning of payments in a crisis and the role of cash. In addition to Deputy Governor Aino Bunge, the Minister for Financial Markets Niklas Wykman, SEB’s CEO Johan Torgeby and Joeri van Laere, Professor of Information Technology and Crisis Researcher at the University of Skövde also took part. The Open Forum was moderated by Ann-Leena Mikiver, Head of Communications at the Riksbank.

Digital payments – vulnerable in a crisis

War and conflict in the world have contributed to an increased focus on preparedness, and the payment system is an important part of civil defence. Since 2023, the Riksbank has had an increased responsibility to ensure that the public can also pay in times of crisis and war.

“We all need to be reminded to prepare for a crisis and be able to pay in different ways. But payments that do not function in day-to-day life will not function in a crisis either. Digitalisation has brought speed and convenience to payments, but also exclusion. Some groups in society cannot access or find it difficult to use digital payment services, especially those who want to pay with cash or do not have access to a payment account”, Aino Bunge said.

It must be possible to use cash in the event of disruptions

Developments in the world around us also require a strong civil defence in Sweden. Aino Bunge pointed out the importance of payments functioning in a crisis:

“If electronic communications are unavailable due to, for example, a cyber-attack, it is useful if more payments can be made offline. Another challenge is cash, which will soon no longer be seen as a backstop solution for digital payments. The background is the limited responsibility of banks for cash, the distribution of cash to and from trading outlets that is not guaranteed, merchants who have stopped accepting cash and a public with less cash in their wallets”.

Measures to strengthen the ability to pay

The state has overall responsibility for the payment system, but private actors also have a major responsibility and play a central role.

“We need to join forces on this. A step on the way is the Riksbank's regulations, which entered into force on 1 February this year. The regulations identify and require companies that are central to payments to conduct internal work with the aim of being able to continue their payment activities even in crisis and war. The companies shall also participate in joint work led by the Riksbank”, Aino Bunge said, before adding:

“In the spring, we started mapping payment flows and analysing risks and vulnerabilities together. This autumn, work will continue on measures to increase the ability to pay in times of crisis and war, an example being the work on strengthening the capability of making payments offline. We have also established a management function to be activated in the event of an incident, in order to quickly liaise and act to maintain payments. In addition, since the start of the year, an inquiry has been ongoing and has proposed that the Riksbank be responsible for crisis management for the entire financial sector”.