Sweden Payments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Sweden Payments Market is Segmented by Mode of Payment (Point of Sale (Card Payments, Digital Wallet, Cash), Online Sale (Card Payments, Digital Wallet)), and by End-user Industries (Retail, Entertainment, Healthcare, Hospitality).

Sweden Payments Market Size

Single User License
Team License
Corporate License
Book before:
View Global Report
Sweden Payments Market Size
share button
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 10.60 %
Market Concentration Medium

Major Players


*Disclaimer: Major Players sorted in no particular order


Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License


Team License


Corporate License

Book before:

Sweden Payments Market Analysis

Sweden is a country of digitally savvy shoppers looking for digital payment methods, and as the country's e-commerce capabilities improve, product choices expand. Sweden's unique preference for payment sets it apart from other European countries. The settings need to be considered, from simply delivering to the pick-up point to enabling the local bank transfer method as part of the payment suit. The country is expected to grow at a CAGR of 10.6% during the forecast period (2022 - 2027).

  • Sweden is a stable and relatively predictable market for merchants with digitally confident and English-speaking consumers. Several factors make Sweden an attractive destination for international e-commerce players. First, there is a significant opportunity as the country is wealthy. Second, Sweden's underlying framework supports the growth of e-commerce. The country is one of the finest fixed-line internet infrastructures globally for comprehensiveness and internet accessibility, and e-commerce sites for all ages and socio-demographics.
  • International retailers such as Zalando in Germany and Wish in the United States are entering the market. This reduces costs and intensifies competition. The people in the country are considered cautious buyers who spend money when prices and time are right. Also, Sweden's delivery preference is different from many other European countries, and delivery to collection points is by far the most common method.
  • According to a survey conducted by J.P. Morgan, Cards are the primary online payment method, accounting for 38% of sales. When it comes to using cards, debit cards are preferred over credit cards. Card penetration remains high in the country, with 1.1 debit cards per person and 0.7 credit cards per person, making it a ubiquitous payment option for merchants.
  • In addition, fully digitized systems can be extremely vulnerable to data breaches in the country. Recent attacks on financial institutions and large corporations show how sophisticated and uncontrollable hacking operations are. In addition, in the event of a system failure or natural disaster, consumers will be denied access to their money and will run out of resources.
  • The development of the payments market has accelerated due to the significant decline in some of the retail, tourism, entertainment, and restaurant businesses caused by the COVID -19 pandemic. A clear sign of this is that both the number of ATM withdrawals and the value of those withdrawals decreased early in the pandemic and then stabilized at lower levels.

Sweden Payments Market Trends

This section covers the major market trends shaping the Sweden Payments Market according to our research experts:

Retail is expected to grow significantly in the country

  • The Swedish market for payment services is vital to the country's economy and society. The Retail Payments Council aims to contribute to economically efficient production and the use of safe, efficient, and accessible appropriate payment services in markets characterized by equal competition and balanced regulation. The Retail Payments Council supports a comprehensive review of central payment issues from a producer, consumer, and regulatory perspective.
  • Development towards a cashless society is also being driven by fintech and financial technology. Many internationally renowned fintech companies have been established in Sweden. For instance, Trustly, a company that develops cardless payment solutions, is a platform that provides digital account-to-account payments. This means that people can pay for their online purchases directly from their bank accounts.
  • Further, Sweden is widely regarded as the most cashless society globally. Many shops, museums, and restaurants only accept card or mobile payments. Most terminals in stores support contactless card payments. All major credit cards such as American Express are accepted for the bank, hotels, shops, restaurants, taxis, car rental, plane, sea, train tickets, and more retail businesses throughout Sweden.
  • In March 2021, Nordic-based payment service provider Avarda picked one of the European banking players, Aiia, a Mastercard enterprise, to encourage available banking payments through its white-label payment solutions for many retailers and merchants. Powered by Mastercard's global open banking platform, Avarda provides online shoppers with a more hassle-free checkout experience.
  • The future of banking appears to be quite high-tech, with a strong emphasis on artificial intelligence. Fintech firms like Tink and Rocker are also thriving, with more start-ups on the way. Swish and banking apps are also continually changing, with updates such as simpler and integrated services aimed at moving the country closer to a cashless society. This takes the use of e-commerce and mobile payments in the country.
Sweden Payments Market Share

Increasing acceptance of e-commerce and digital payments is driving the market

  • Sweden, a Scandinavian country with just over 10 million, has long been a good example of citizens' digital literacy, wealth, and social responsibility. Sweden has a high e-commerce penetration rate of 73% of the country by 2024, e-commerce penetration rates are projected, and there is still room for growth.
  • Given Sweden's technology adoption, it's no wonder that consumers are incorporating FinTech into their daily lives and driving the development of e-commerce in Sweden. As a result, companies such as Swish and Klarna have emerged in this market. The country's online payments services also include Apple pay, Paypal, and more. Even Riksbank, the central bank of Sweden, has begun to consider launching the digital currency e-Krona.
  • Further, most people who shop online use cards, but bill payments are just as expected. Today, over 20% use Swish, and just as many people use direct bank payments via online banking. In July 2020, the Consumer Credit Act was amended to make credit shopping less attractive. This change means that if non-credit payment methods are available for online shopping, they should be displayed before the credit options. Swish reports that the number of merchants participating in Swish has increased since the decision to amend the Consumer Credit Act became official.
  • Also, companies are focusing on collaborations and innovations to expand their business in the country. For instance, in May 2022, Swedish FinTech startup Juni selected B4B Payments, a UK payments solution provider, to provide innovative financial services to its e-commerce business. It is offered as part of B4B's new service to help FinTech startups expand their products more quickly.
  • The complex challenges posed by Sweden's cashless transition by 2023 is an achievable goal. Sweden has repeatedly demonstrated its ability to secure the future of the payment ecosystem by investing in solid foundations and infrastructure, from the adoption of electronic identities to the placement of digital payment platforms. The country's innovations led to changes in consumer behavior and created space for private companies to power some of the world's most advanced fintech products.
Sweden Payments Market Growth

Sweden Payments Industry Overview

Swedish payments operate in a moderately competitive market with various payment service providers in the country. Competition in the region intensifies with the adoption of innovations and technologies by existing and new entrants.

  • March 2022 - Due to many requests from affiliates, the company released the Swish Business app. Businesses can easily view deposits in real-time, make refunds, manage roles, and create receipts with this app. The business app is currently available to Handelsbanken, Swedbank, and Sparbankernas customers, but banks are in the pipeline even more.
  • April 2022 - Qred announced its new payments platform specially designed for helping small businesses free up short-term capital and save time while paying bills. This new service available from the Qred app allows businesses to use their Qred VISA card to pay for consumables and inventory.

Sweden Payments Market Leaders

  1. Qred AB

  2. 2Checkout

  3. Getswish AB

  4. Stripe, Inc.

  5. Paypal

*Disclaimer: Major Players sorted in no particular order

Qred AB, 2Checkout, Getswish AB, Stripe, Inc, Paypal.
bookmark Need More Details on Market Players and Competitors?
Download PDF

Sweden Payments Market News

  • February 2022 - Adyen is the next bank to join Swish, providing enterprise customers with easy, fast, and secure Swish payments. About 8 million Swedes and more than 300,000 companies are connected to Swish. Currently, 12 banks offer Swish to their customers, and each bank is responsible for the provision, terms, and conditions of the Swish service it provides and for all fees.
  • May 2022 - The United Kingdom, Sweden, and Netherlands sellers will now be able to accept contactless payments on standard Android NFC smartphones or other mobile devices using PayPal's Point of Sale (POS) software solution. To use Tap to Pay with Zettle, merchants download PayPal's Zettle Go application to their Android device and sign up for the service directly from the app or PayPal business account.

Sweden Payments Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Stakeholder Analysis

    3. 4.3 Industry Attractiveness-Porter's Five Force Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Evolution of the payments landscape in the country

    5. 4.5 Key market trends pertaining to the growth of cashless transaction in the country

    6. 4.6 Impact of COVID-19 on the payments market in the country


    1. 5.1 Market Drivers

      1. 5.1.1 High Proliferation of E-commerce, including the rise of m-commerce and cross-border e-commerce supported by the increase in purchasing power

      2. 5.1.2 Enablement Programs by Key Retailers and Government encouraging digitization and contactless payments in the market

      3. 5.1.3 Government Trials of Sweden's first digital national bank currency e-krona

    2. 5.2 Market Challenges

      1. 5.2.1 Poor access to basic payment services in quest of becoming a cashless economy

    3. 5.3 Market Opportunities

      1. 5.3.1 Move towards Cashless Society

      2. 5.3.2 New Entrants to Drive Innovation Leading to Higher Adoption

    4. 5.4 Key Regulations and Standards in the Digital Payments Industry

    5. 5.5 Analysis of major case studies and use-cases

    6. 5.6 Analysis of key demographic trends and patterns related to payments industry in the country (Coverage to include Population, Internet Penetration, Banking Penetration/Unbanking Population, Age & Income etc.)

    7. 5.7 Analysis of the increasing emphasis on customer satisfaction and convergence of global trends in the country

    8. 5.8 Analysis of cash displacement and rise of contactless payment modes in the country

  6. 6. Market Segmentation

    1. 6.1 By Mode of Payment

      1. 6.1.1 Point of Sale

        1. Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)

        2. Digital Wallet (includes Mobile Wallets)

        3. Cash

        4. Others

      2. 6.1.2 Online Sale

        1. Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)

        2. Digital Wallet (includes Mobile Wallets)

        3. Others (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)

    2. 6.2 By End-user Industry

      1. 6.2.1 Retail

      2. 6.2.2 Entertainment

      3. 6.2.3 Healthcare

      4. 6.2.4 Hospitality

      5. 6.2.5 Other End-user Industries

  7. 7. Competitive Landscape

    1. 7.1 Company Profiles

      1. 7.1.1 2Checkout

      2. 7.1.2 Getswish AB

      3. 7.1.3 Braintree

      4. 7.1.4 Qred AB

      5. 7.1.5 Stripe

      6. 7.1.6 WorldPay

      7. 7.1.7 Klarna Bank AB

      8. 7.1.8 QuickPay

      9. 7.1.9 Nochex

      10. 7.1.10 Wirecard

    2. *List Not Exhaustive
  8. 8. Investment Analysis

  9. 9. Future Outlook of the Market

**Subject to Availability
bookmark You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

Sweden Payments Industry Segmentation

The Swedish payment market can be divided into two payment types: POS and e-commerce. E-commerce payments include online purchases of goods and services, such as purchases on e-commerce websites and online booking of travel and accommodation. As far as POS is concerned, all transactions made at the time of physical sale are within the scope of the market, such as credit and debit card payments and more. This includes all face-to-face transactions, regardless of where they occur, not just traditional in-store transactions. Cash is also considered for both cases (cash-on-delivery for e-commerce sales).

By Mode of Payment
Point of Sale
Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Online Sale
Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Others (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)
By End-user Industry
Other End-user Industries
customize-icon Need A Different Region Or Segment?
Customize Now

Sweden Payments Market Research FAQs

The Sweden Payments Market is projected to register a CAGR of 10.60% during the forecast period (2024-2029)

Qred AB , 2Checkout, Getswish AB, Stripe, Inc. and Paypal are the major companies operating in the Sweden Payments Market.

The report covers the Sweden Payments Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Sweden Payments Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Sweden Payments Industry Report

Statistics for the 2024 Sweden Payments market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Sweden Payments analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!

Sweden Payments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)