Sweden
Sweden, the largest Nordic economy with 10.4 million inhabitants, is one of the world’s most developed and competitive countries, combining advanced technology, high living standards, and a stable macroeconomic environment. Known for its innovative capacity and leadership in research and development (R&D), Sweden attracts international investors and high-tech companies.
In 2021, Sweden recorded USD 187 billion in imports and USD 190 billion in exports, with machinery, vehicles, chemicals, and base metals leading trade. The country achieved a trade surplus of USD 2.76 billion and maintains strong global trade performance.
Sweden is a global pioneer in cashless payments, with only 12% of transactions using cash. Digital payment adoption is widespread, driven by mobile apps like Swish, open invoice payments via Klarna, and direct transfer solutions like Trustly. The country is also experimenting with a central bank digital currency (e-krona), positioning itself as a leader in digital banking and FinTech innovation.
Swedish consumers prefer card and mobile payments for online and offline purchases, while alternative payment methods continue to grow in e-commerce. This digital transformation ensures efficient, secure, and convenient financial services, supporting Sweden’s cashless economy and modern financial ecosystem.
Sweden’s combination of technological innovation, strong trade, and advanced digital payments cements its position as a global leader in e-commerce, FinTech, and financial services.
Top banks
Sweden’s banking system is stable, supported by strong operating conditions, low interest rates, and robust economic growth. The Big Four banks—Swedbank, SEB, Handelsbanken, and Nordea—control around 80% of total banking assets, providing retail, corporate, and investment banking services. Low interest rates enhance profitability and asset quality, while Sweden’s resilient economy ensures the banking sector remains competitive in Europe. With well-capitalized banks, strong institutions, and prudent financial management, Sweden’s financial system continues to be one of the most secure and efficient in the region.
Nordea
Nordea Sweden is a leading Nordic financial services group providing comprehensive retail, corporate, and investment banking solutions. With a strong presence across Sweden, Nordea offers loans, mortgages, savings, investment services, and digital banking, focusing on innovation, sustainability, and customer-centric financial solutions.
Danske Bank
Danske Bank Sweden is a leading financial institution serving personal, business, and institutional clients. As one of the largest banks in Sweden, it offers retail banking, corporate banking, investment services, loans, mortgages, and digital banking solutions. Headquartered in Stockholm, Danske Bank focuses on customer-centric financial services across Sweden.
Handelsbanken
Handelsbanken Sweden is a leading full-service bank providing comprehensive retail, corporate, and private banking services. Known for its customer-focused approach, decentralized operations, and financial stability, Handelsbanken offers loans, mortgages, savings accounts, investment solutions, and digital banking services to individuals and businesses across Sweden.
Revolut
Revolut Sweden is a leading digital banking and fintech platform offering innovative mobile banking, international payments, currency exchange, savings, and investment services. The app provides low-fee global transactions, budgeting tools, and cryptocurrency trading, catering to individuals, freelancers, and businesses seeking convenient, borderless banking solutions.
S|E|B
SEB (Skandinaviska Enskilda Banken) is a leading Swedish bank providing a wide range of corporate, institutional, and retail banking services. The bank specializes in wholesale banking, asset management, and financial solutions for large corporations, SMEs, and individual clients, with a strong focus on digital innovation and sustainable finance.
Top payment methods
Swish
Swish is an app-based payment method in Sweden. The service was launched in 2012 by six large Swedish banks, in cooperation with Bankgirot and the Central Bank of Sweden. By March 2021, the application – which can be used both online as well as in-store - had over eight million user accounts. It is estimated to have a daily active user (DAU) count of more than 200,000 people per day. Over two-thirds of Sweden's populationuse Swish to make payments. This mobile payment app was already more popular then the similar-functioning PayPal or ApplePay even before the coronavirus pandemic. Swish is a member of the European Mobile PaymentSystems Association.Swish is a wallet, popular among shoppers in Sweden. Shoppers can pay with Swish when shoppingonline or in-store using our terminals. When paying with Swish, the shopper is redirected to theSwish app, either directly on their mobile device, or by scanning a QR code on desktop. The amountis transferred to your account in real time.
Klarna
Klarna is a popular Buy Now Pay Later (BNPL) payment solution available in 19 countries, widely used by online stores, retailers, and global merchants. Shoppers can choose to:
Klarna performs risk checks before approving payments, assumes the full fraud risk, and pays merchants up front, making it a secure and reliable e-commerce payment method.
Walley
Walley is one of the leading payment method in theNordic region, providing shoppers with loyal andseamless Buy Now Pay Later experience. Customer baseis constantly growing, currently having 4 million activeusers. With a strong experience in credit risk andcollection, Walley is able to support both B2C and B2Bpayments with high authorization rate
NETS
Gift cards are stored value cards: payment cards with a monetary value that is stored on the card itself instead of in a bank account. Gift cards can be virtual or plastic cards. Some plastic gift cards can be reused by loading more funds, others are disposable cards that can't bereloaded. When a shopper wants to pay with a gift card that has a balance less than the full payment amount, you can let the shopper make a partial payment with the gift card and pay the remaining amount with different payment method. Depending on your integration, you might need to do additionalsteps to accept partial payments. See the page for your integration type for details. Gift cards can be specific to your business, or they can be used to buy goods or services from anumber of businesses. If the gift card can only be used for your business, then you receive the fundsupfront. When a shopper redeems a gift card, a request is sent to your gift card provider to removethe amount from the card. No funds are exchanged. If a shopper redeems a gift card with you thatcan be used at a number of businesses, you receive funds from the gift card provider. In Sweden, this solution is provided by Nordic gift card via NETS, a leading payments services groupcomprising three entities – NETS, Banking Computer Services (BCS) and NETS Solutions.
Paypal
PayPal, a leading online payment solution, serves over 400 million active users worldwide in 200 countries and supports 100+ currencies. In France, PayPal is one of the most popular digital payment methods for online shopping, trusted for secure, fast, and convenient online payments.
American Express (AMEX)
American Express (AMEX) is a widely accepted global payment method, used in over 130 countries with more than 100 million cards in circulation. AMEX cardholders spend on average 3-4 times more than Visa and Mastercard users, making it a top choice for premium businesses, luxury brands, and high-value e-commerce transactions.
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
Maestro
Maestro is a debit product within the Mastercard offering. Maestrocards can be used for payments in stores and to withdraw cash fromATMs. This payment method requires electronic online authorizationfor almost all transactions, although Mastercard's rules allowminimum limits to be set only for Maestro EMV chip transactions.
Concluding remarks
In Sweden, various payment methods are commonly used, including:
Bank Transfers
This method allows individuals and businesses to transfer funds directly from onebank account to another. Bank transfers can be done online through internet banking or by visitinga physical bank branch.
Cards:
Debit and credit cards in Sweden, including Visa and Mastercard, are among the most widely accepted payment methods for both in-store and online purchases. Contactless payments using cards and mobile payment apps like Apple Pay and Google Pay are extremely popular, reflecting Sweden’s shift toward a cashless economy.
Swish
Swish is a mobile payment system that allows users to transfer money directly betweenbank accounts using their mobile phone numbers. It is widely used in Sweden for person-to-personpayments, as well as for payments to businesses.
Mobile Payment Apps
here are several mobile payment apps available in Sweden, such as Klarna,MobilePay, and SEQR. These apps enable users to make payments, split bills, and transfer moneyusing their smartphones. Bankgiro and Plusgiro – Bankgiro and Plusgiro are payment systems commonly used by businessesand organizations in Sweden. They allow companies to receive payments from customers throughbank transfers or giro payments.
Cash
While the use of cash has been declining in Sweden, it is still accepted in many places,especially for small transactions. However, it's worth noting that some businesses, particularly inlarger cities, have transitioned to cashless operations.
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