Published on : Dec 29, 2016
Albany, New York, December 29, 2016: The rapidly growing cards and payments industry is the focus of a new report that has been published to the online repository of Market Research Hub (MRH). It is entitled as ‘Cards and Payments Industry in Sweden: Emerging Trends & Opportunities to 2021’. This research study provides comprehensive insights into Sweden’s cards & payments industry along with current and forecast values for each market which includes debit card, credit and charge cards.
Sweden is moving fast towards being an electronic and cashless economy. The growing number of consumers in the nation do not carry cash in the country while acceptance of financial cards and other payment methods continues to rise. Sweden is also a technology-friendly country and as companies and households gain access to new technology such as m-commerce, their demand for payment services is also affected. Now, Swedish households mostly use online and mobile banking services to increase scope instead of paying bills via paper-based credit transfers. Increase trading via internet shops or e-commerce is also giving rise to the demand for suitable payment services.
As banking customers become more refined, banks are looking to differentiate their product offerings and eventually, card customization is gaining attention. According to the key findings, in January 2016, to capitalize the growing e-commerce market, Swedish banks have expanded Swish, an extensively used mobile app for the online transactions and owned by an association of six Swedish banks. This app was previously used for peer-to-peer and in-store payments. In May 2016, US$892.3 million worth of transactions were performed using Swish which is further continued to US$994.3 million in November 2016. Swish has grown in popularity since its launch with 4.9 million users in Sweden.
As per the research study, contactless technology is still at an emerging stage of development in Sweden. The contactless card increased from 439.707 to 1.5 million in 2016, which is further projected to reach 15.0 million by 2021.
Also, with the leading banks continuing to capitalize heavily in financial technology in the forecast period 2017-2021, other innovative payment solutions are also projected to continue to develop. In 2016, October, MasterCard introduced a biometric mobile application named “Identity Check Mobile”, which is use to authenticate online payments by confirming user’s identity.
List of banks and other payment resources used in Sweden are:
- Svenska Handelsbanken
- Nordea Bank
- ICA Banken
- Skandinaviska Enskilda Banken
- Lnsfrskringar Bank
- American Express
- Diners Club
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In the next section, the report also offers information on country's competitive landscape including the market shares of issuers and schemes from debit & credit cards.
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