Looking for information about how Swedes pay for their purchases and bills? We share the top payment methods in Sweden and all the details you should know.
In the digital era, Sweden stands out as a pioneer in embracing diverse payment methods. From cutting-edge mobile solutions to traditional alternatives, the country offers a wide array of choices for merchants and clients. In this blog post, we'll delve into the top payment methods in Sweden, shedding light on the efficiency, convenience, and unique features of each. Let’s take a look!
1. Swish
At the forefront of modern payment solutions in Sweden is Swish, a mobile app that has revolutionised the transaction sphere in Sweden. Today, more than 8 million people have Swish, making as many as 84 million monthly payments. Swish allows users to transfer money seamlessly using just a mobile number. With its widespread adoption, Swish has become an integral part of everyday transactions, making it an essential tool for anyone navigating the Swedish payment landscape.
Because of its popularity, Swish has been adapted to serve Swedish organisations. With a mobile app, businesses can charge customers via QR codes.
2. Autogiro (direct debit)
For recurring payments such as utility bills, subscriptions, regular charity donations or insurance premiums, Autogiro is the go-to method in Sweden. This direct debit system automates transactions, ensuring timely payments without the need for manual intervention from merchants or clients. Widely trusted for its reliability, Autogiro simplifies financial management for both consumers and businesses, offering a hassle-free way to handle regular financial commitments.
Traditional Autogiro mandates used to create heaps of administrative burden for merchants and clients, due to long paper forms and mistakes in filling out bank account numbers. Thanks to digital solutions, like for example Waytobill’s Digital Autogiro, the onboarding process is now much simpler and can be completed just in a couple of minutes. Besides, this payment method can be easily integrated with sales and CRM systems, allowing for efficient payment management.
Clients sign payment mandates by using their secure BankID login.
3. Card payments
Card payments are ubiquitous in Sweden, with credit and debit cards widely accepted across the country. Card payments were Swedes' favourite payment method in 2022, with almost 90% of the population opting for this payment form. From bustling city centres to remote villages, card terminals are a common sight, making it convenient for locals and tourists alike. The security and ease of use associated with card payments contribute to their popularity, solidifying their place as a top choice for various transactions, especially since the emergence of contactless payment and mobile wallets.
4. Invoice and e-invoice
Invoicing remains a significant part of the Swedish payment landscape, offering flexibility for both businesses and consumers. Traditional paper invoices coexist with their electronic counterparts, providing options for different preferences. E-invoicing, in particular, has gained traction for its environmental sustainability and efficiency. Companies and individuals can easily send and receive invoices digitally, streamlining the entire invoicing process.
Find out more about invoice distribution channels in Sweden.
5. Cash
While Sweden is at the forefront of the cashless revolution, cash is still accepted in many places, however, it’s estimated that only 2% of all transactions are now made with cash. Nevertheless, having some cash on hand can be useful in certain situations.
Whether you prefer the convenience of Swish, the automation of Autogiro, the ubiquity of card payments, or the flexibility of invoicing, Sweden has a payment method to suit every need. Stay informed, explore the choices, and enjoy the seamless transactions Sweden has to offer. Contact us for more information!
FAQs
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.
What is the most used payment method 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.
What is the best way to pay in Sweden? ›
Sweden is a nearly cashless country - bring your debit/credit card. Many Swedes prefer to use plastic over cash - some cafes and kiosks in Stockholm even refuse cash payments and accept cards only. So you're not likely to need a great deal of hard currency for your trip if you prefer to rely on credit and debit cards.
What is the payment system in Sweden? ›
The Swedish payment system is called RIX and banks, clearing organisations, the Swedish National Debt Office and the Riksbank are participants. The RIX system has two settlement services: RIX-RTGS and RIX-INST.
How do Swedes pay? ›
What currency is used in Sweden? The monetary unit in Sweden is the krona SEK (plural “kronor”) and equals 100 öre. Banknotes are printed in values of 20, 50, 100, 200, 500 and 1,000 kronor. The coin is available as 1, 2, 5 and 10 kronor.
Is Sweden mostly cashless? ›
Sweden's move to a cashless society is encouraged by law and in Sweden, a merchant can legally refuse cash payments. Most Swedish banks don't handle cash transactions in-branch and ATMs are not particularly common (with only 32 per 100,000 people, which is low compared to other countries.
What are the payment chips in Sweden? ›
In Sweden, a country rich with technological advancement, thousands have had microchips inserted into their hands. The chips are designed to speed up users' daily routines and make their lives more convenient — accessing their homes, offices and gyms is as easy as swiping their hands against digital readers.
How much is $100 US in Sweden? ›
US Dollars to Swedish Kronor: exchange rates today
| USD | SEK |
|---|
| 10 USD | 101.66 SEK |
| 20 USD | 203.33 SEK |
| 50 USD | 508.32 SEK |
| 100 USD | 1,016.65 SEK |
8 more rowsVenmo cannot be used to send money overseas. It is only available for domestic money transfers or payments in US dollars within the United States. There are, however, plenty of alternatives if you need to send or receive money internationally.
How to pay someone in Sweden? ›
Best ways to send money to Sweden
- Direct Debit. Direct Debit is a convenient option that lets us take money from your account once you have authorised the payment on our site. ...
- Bank Transfer. ...
- Debit Card. ...
- Credit Card. ...
- Apple Pay. ...
- Google Pay.
In Sweden, Nordea, Swedbank, and ST1 credit and debit cards are compatible with Apple Pay. Apple Pay payments are accepted wherever contactless payments are accepted, and a list of supported retailers as well as more information on Apple Pay are available on Apple's Apple Pay website in Sweden.
Does Sweden use Cash App? ›
No, in Sweden there is no "Cash App". However, this country is known as the "cashless land", therefore you can use several other alternative apps with similar features and benefits offered. Below are some convenient payment gateways in Sweden.
Which card is use in Sweden? ›
Debit cards have become increasingly popular and widely accepted in Sweden, especially in urban areas and tourist destinations. Many establishments, including restaurants, hotels, and retail stores, have card payment terminals that accept debit cards from major international networks like Visa and Mastercard.
What is the best payment method in Sweden? ›
Card payments are ubiquitous in Sweden, with credit and debit cards widely accepted across the country. Card payments were Swedes' favourite payment method in 2022, with almost 90% of the population opting for this payment form.
Can I use my US debit card in Sweden? ›
Can I use my American Visa credit or debit card abroad? You can use your U.S. Visa card abroad to make purchases or withdraw cash. To withdraw cash from an ATM, you'll need to know your four digit PIN number.
How do people pay for things in Sweden? ›
Card payments are common - and often preferred - in Sweden. Credit and debit cards are widely accepted and in most places you can make contactless payments with your physical card or a wallet like Apple Pay. Having some cash in your pocket can be reassuring, but it's not necessary to carry a lot in most cases.
Does Sweden use cash or card? ›
While the majority of Swedish cities and tourist areas typically accept debit cards, some smaller shops, local vendors, or remote locations might only accept cash, even though that's uncommon. Carrying some Swedish Krona for these situations is always a good idea.
What money system does Sweden use? ›
The Swedish krona (SEK) has been the currency of Sweden since 1873. It is issued by the Swedish central bank, Sveriges Riksbank. The symbol of the currency is kr. One krona is subdivided into 100 öre.
Is PayPal popular in Sweden? ›
Almost a quarter of the respondents from Sweden indicated they had used PayPal in a POS setting between July 2023 and June 2024 - with an additional 63 percent saying they used PayPal during this same time for online payments.
What is the most popular payment method? ›
Cards are still the most-used payment method, with American Express, Mastercard, Visa as large global card schemes. Even though they're recognized globally, other payment methods like online banking, direct debit, digital wallets, or Buy Now Pay Later (BNPL) are more common elsewhere.
