Accept payments in Sweden
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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
Banks in Sweden
Mobile Carriers in Sweden
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.
|E-commerce market size||€10 billion|
|Internet penetration rate||87.8%|
|Mobile penetration rate||84.76%|
|Cellular technology standard||4G, 5G|
|Dual sim usage||15.6%|
|Popular mobile OS||iOS|
|Big Mac Index||5.83|
|Average annual income||€27,735.61|