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First-generation cryptocurrencies do not work well as money
07/11/2019 -Cryptocurrencies have received a considerable amount of attention in recent years. The most well-known example is Bitcoin. Bitcoin advocates say that it can work as money and is particularly attractive for those who wish to make international...
The Riksbank adapts its systems
07/11/2019 -Most payments in Sweden are currently settled in the Riksbank’s settlement system for large-value payments (RIX). As RIX is constructed for large-value payments between financial institutions, all smaller payments between bank customers have to...
Do we have the right to demand cash services at banks?
07/11/2019 -Freedom of contract also applies in principle to banks in relation to their customers. Here, too, the agreement can be written or verbal. It is therefore not necessarily a question of an actual written contract; it is sufficient for the bank to...
PSD2 enables greater competition
07/11/2019 -The EU has been working to increase competition on the payment market. A modified regulatory framework gives payment service providers the opportunity to access customers’ payment accounts and thereby initiate payments and compile account...
Do we have the right to pay in cash?
07/11/2019 -Under the Sveriges Riksbank Act, cash is legal tender in Sweden, which means that it is to be accepted as payment everywhere. But the rule can be waived by agreement by shops, restaurants, etc., via what is known as freedom of contract. In other...
Large payments take place via transfers
07/11/2019 -The picture is different if we instead look at the value of payments. In Sweden, total payments at an estimated value of almost four times the country’s GDP were made in 2018. Credit transfers make up almost all this value. It is mainly a...
Cash use in constant decline
07/11/2019 -Swedes pay less and less frequently in cash and more and more shops and restaurants are no longer accepting it. The trend in Sweden differs from that in other countries. It means that some groups are finding it increasingly difficult to pay.
Card payments still dominate
07/11/2019 -The majority of household purchases in Sweden are made by card. In ten years, the average Swede has doubled their card use. However, large-scale payments often take place between companies and authorities and are done via credit transfers. Card...
The Riksbank’s responsibility for payments
29/06/2026 -The Riksbank’s objective is for payments in Sweden to be safe, efficient and accessible. Payments shall also function in peacetime crisis situations and states of heightened alert. The payments market is based on a cooperation between the...
Electronic payments create new risks
07/11/2019 -An electronic payment means, among other things, that sensitive information needs to be exchanged by the payee, for instance the card number and CCV code. If external parties gain access to sensitive information, this may sometimes be used to...