Sweden is one of the most tech-forward payment atmospheres in the world. Many digital platforms have swooped in to make buying online and in person an easy experience for Swedes.
As a cross-border merchant, it’s important to understand exactly what payment methods your Swedish customers prefer. Accepting the most popular payment methods helps grow your reach and increase customer satisfaction.
Check out the top 5 payment methods in Sweden so you know what to offer this audience.
5 Top Payment Methods in Sweden
1. Card Payments
Debit and credit cards are the top payment methods used in Sweden, both in-person and online. Riksbank (Sweden’s Central Bank) reports that 59% of transactions in 2021 were card transactions.
Debit cards made up the bulk of those transactions, accounting for 84% of card transactions overall. This tracks with Sweden’s general aversion to credit debt, in line with much of Europe.
According to Statista, Mastercard and Visa are the top two card issuers in Sweden, with Mastercard holding 59% of the market share, followed by Visa with 39% of the market share. American Express has 1% of the market share.
2. Bank Transfers
Bank transfers account for nearly 32% of all online transactions in Sweden according to JP Morgan. While the number of card transactions is higher, bank transfers make up a larger proportion of overall monetary value according to the Riksbank.
Trustly is the most common method to initiate bank transfers. Many people also use Nordea, but it’s not as popular as Trustly. Bank transfers generally have fewer fees than card transactions for merchants, so offering this option can benefit your business.
Swish is a Sweden-based mobile app that allows users to connect their bank accounts to their phone numbers. Members can use Swish to send direct payments to friends, family, organizations, and many businesses.
The service has more than 8 million users, nearly 80% of the population. In 2021, it accounted for 13% of all transactions, according to the Swedish Bankers’ Association. This was a 24% increase from the previous year, a number that could continue to increase as Swish grows.
4. Klarna – Buy Now Pay Later (BNPL)
Over the last decade there has been a huge rise in BNPL services across the world, and Sweden is no exception. In fact, one of the largest players in the BNPL industry – Klarna – was founded in Sweden in 2005. Statista reported that out of 1000 people surveyed in Sweden, 84% were familiar with the service.
There are several other Sweden-based BNPL services on the market, but Klarna remains the top option for most Swedes. Statista reports that BNPL made up 25% of ecommerce transactions in 2021.
5. Digital Wallets
Digital Wallets like PayPal, Apple Pay, and Samsung Pay are also popular payment methods in Sweden. Although they have declined in use with the rise of Swish, the Riksbank reports that 25% of people have access to these alternative digital payment methods. This number is even higher for the younger demographics, with nearly 40% of 18-44 year olds having digital wallets other than Swish.
Generally, digital wallets aren’t as widespread as Sweden-specific payment methods. However, they offer Swedish customers a chance to buy from global ecommerce companies who might not take local options.
The Best Way to Accept Global Payments
Making custom checkout pages for each international market is incredibly easy. If you want fast and simple, Pay.com offers no-code solutions built from a premade template. If you need something more advanced, we also have developer-friendly API integrations.
The platform prioritizes security, using 3D Secure 2.0 multi-factor authentication to combat fraudulent activity and chargebacks. Additionally, tokenization technology ensures that payment information is kept secure during every transaction.
You’ll pay a flat fee for every transaction with our simple, transparent payment structure.
The Bottom Line
Sweden is moving toward contactless and digital payment methods through apps and digital wallets. As a business owner, you have a great opportunity to use technology to make sales quick and convenient.
Pay.com makes it simple to start accepting a variety of payment methods across borders. Setup is easy and straightforward, whether you choose to embed a hosted checkout page in your website or use our APIs to integrate our components into your existing system. Our Level 1 PCI DSS compliance means you don’t have to worry about meeting the requirements yourself.