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Sweden

Swedish Payment Market Overview

Market expansion in in Sweden is expected to continue over the next few years It has been predicted that the compound annual growth rate (CAGR 19-23) for the next four years will be 7%. Compared to the year-over-year growth of 8%, this decrease suggests a moderately flooded market. Another indicator of market saturation is the online e-commerce penetration of 81% in in Sweden; in other words, 81% of the Swedish population have bought at least one product online last year.

While the percentage of visits from desktop and tablet is expected to decline, smartphones are expected to be used more and more, accounting for 64% of e-commerce traffic in Sweden. They will also be significant in terms of revenue. Mobile devices (both smartphones and tablets) are expected to account for 60% of e-commerce revenue, with smartphones accounting for almost half (48%) of all e-commerce revenue.

Payment Methods in Sweden

Key Market Indicators in Sweden

€10,700,000,000
Online shopping market value
35%
Pay with direct debit
60%
Purchase online using mobile
€1,668
Avg annual online spend

Banks in Sweden

Nordea Bank AB
SEB Bank
Svenska Handelsbanken AB
Swedbank AB
Forex Bank
Nordnet Bank
Ikano Bank
Avanza Bank
ICA Banken
Resursbank

Mobile Carriers in Sweden

Telia
Telenor
Tele2
Tre

Integrate Swedish Payment Methods

Over 85% of Swedes have access to online banking and research done by Paymentwall shows that over 35% of people in Sweden prefer to pay online using direct transfers. Complete coverage of all major banks in Sweden, along with instant payment confirmation and chargeback-free processing, allows merchants from all over the world to increase conversions and decrease chargeback rates from regular card payments by activating online banking for their customers.

Card payments using debit cards retain their position as favourite among Swedish households. This year, 80 per cent state that they paid by debit card or a bank transfer for their most recent purchase, 13 per cent that they used cash and 7 per cent that they used a credit card. Purchases regarding sums under SEK 100 also occur increasingly with debit card.

Country Statistics
Region Europe
Population 10.53 million
E-commerce market size €10 billion
Local currency SEK
Key Metrics
Internet penetration rate 87.8%
Internet cost €47.58/month
Mobile penetration rate 84.76%
Cellular technology standard 4G, 5G
Dual sim usage 15.6%
Popular mobile OS iOS
Other Information
Big Mac Index 5.83
Average annual income €27,735.61
Largest Cities in Sweden by Population
Stockholm 1,515,017
Gothenburg 599,011
Malmö 316,588
Uppsala 160,462

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