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Sweden Country Report

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  • Published Date: April 2019

This Verisk Financial Research Country Report delivers commentary on Sweden's retail banking and payments landscape supported by historic and forecast data. The report gives detailed insight into the market's players, including cards networks, issuers, acquirers, banks, and PSPs, plus the country payments infrastructure, digital and mobile payments developments, demographic and consumer trends, regulatory drivers, credit card profitability, and more.

What you will learn from this report:

  • How a tradition of collaboration has led to payments innovations such as P2P market leader Swish – with more infrastructural plans in train that promise to transform payments across the Nordics
  • Why the trend towards cashlessness does not mean a cashless Sweden is inevitable
  • How the global schemes have fared as market share has shifted dramatically in the debit cards space
  • Why revenue from fees is becoming crucial for the credit cards business in Sweden
  • How Sweden has become one of the few Western economies in which mobile payments have become widespread, with the country's banks now handling more such transactions than ATM withdrawals.

Sweden Cards And Payments Market | Key Facts

  • Retail banking, consumer finance and payments in this market are largely controlled by four major banks: Nordea, SEB, Swedbank and Handelsbanken.
  • Sweden is one of the world's most cash-free countries, with cash in circulation and cash transactions both declining rapidly.
  • However, the prospect of a fully cashless society may recede should banks be forced to provide cash-handling services to consumers: legislation is being considered to that end.
  • Swedish consumers made an average of 430 card payments in 2018, one of the highest rates globally.
  • The country's mobile payments scheme, Swish, has grown rapidly since its launch in 2012. Two-thirds of the population use the service, primarily for P2P payments.
  • Swish is also growing in popularity for online payments since that functionality was added in 2017. QR code payments at the POS were also made available in the same year.
  • Payment by invoice is popular in Swedish e-commerce, with transaction volume almost as high as that of cards. This is facilitated by companies such as Klarna that handle invoice payments for merchants.
  • Sweden's four big banks are collaborating with three banks in the region to create a pan-Nordic payments infrastructure. The project, named P27, is expected to be operational in 2020.

Sweden Country Report Table of Contents

Key facts
Demographics and the economy
Payments environment
Cards market
Mobile payments
Profit pool
The networks
Key retail banks and issuers
Acquiring and processing
Online acquiring
Regulatory and other cards market information

Appendices: Data

Appendix I: Demographics and the economy

  • Demographic and economic indicators
  • Ownership of key consumer devices
  • Internet usage by population

Appendix II: Payments environment

  • Access points
  • Account penetration
  • Consumer payment trends
  • B2C e-commerce payment methods

Appendix III: Cards market

  • Total cards payment metrics
  • Contactless cards metrics
  • Credit card numbers by type
  • Total credit cards metrics
  • Credit cards profitability indicators
  • Debit cards numbers
  • Debit cards metrics

Appendix IV: Mobile payments

  • Mobile proximity payment metrics
  • Mobile P2P payments

Appendix V: Profit pool

  • Profit pool

Appendix VI: The networks

  • Networks' credit card market shares
  • Networks' credit card numbers
  • Networks' credit card billed volume
  • Networks' number of credit card transactions
  • Networks' average credit card transaction value
  • Credit card interchange fees by network
  • Networks' debit card market shares
  • Networks' debit card numbers
  • Networks' debit card billed volume
  • Networks' number of debit card transactions
  • Networks' average debit card transaction value
  • Debit card interchange fees by network

Appendix VII: Key retail banks and issuers

  • Key credit card issuers market shares by credit card numbers
  • Key issuers market shares in credit card outstandings
  • Key debit card issuers market shares by debit card numbers

VIII: Acquiring and processing

  • Merchant acquirer credit card market share
  • Credit card merchant service charges
  • Merchant acquirer debit card market share
  • Debit card merchant service charges
  • Credit card issuer/issuing processor relationships
  • Credit card acquirer/acquiring processor relationships
  • Credit card issuing processor market shares by card numbers
  • Credit card acquiring processor market shares by the number of POS transactions

Appendix IX: Online acquiring

  • Online merchant acquirer market share


Available for 72 markets, Verisk Financial Research Country Reports deliver invaluable market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit. A dedicated team of analysts and researchers use both primary and secondary source data and conduct in-depth interviews with senior industry executives and experts. Explore the full range of Verisk Financial Research Country Reports.

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