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Consumer Payments Country Snapshot: Sweden 2016

Synopsis

Sweden has the potential to become the world’s first cashless society. The use of cash is declining quickly in Sweden and over half of all bank branches no longer deal with cash-based transactions. Payment cards are widely held and widely used in Sweden, and it has a strong alternative payments market.

Summary

- Credit cards remain one of the least frequently used card types in Sweden, even though they account for 43% of all payment cards.
- Fast internet and a high smartphone penetration rate have resulted in SEK134bn of online spend in 2015, which is expected to grow by 70% over the next five years.
- With the awareness of contactless increasing, and all new POS terminals from the beginning of 2017 having to be NFC-enabled, the popularity of the technology among both merchants and consumers will increase greatly over the next few years.


Scope

This report examines the consumer payments market in Sweden, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. This report also examines the regulations in force in the market that players must comply with, and how these have changed in recent years.

- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their positions in the market have changed over the last five years.
- Considers consumer attitudes towards prepaid cards, P2P tools, mobile payment tools, and contactless cards, and how companies in Sweden are deploying these tools to meet customer needs.
- Explores the online payment market in Sweden by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
- Considers the regulations affecting the payments market and how they are likely to affect both incumbents and disruptors.


Reasons To Buy

- Understand the key facts and figures in the consumer payments market in Sweden.
- Find out what products the major competitors are launching in the market and plan your strategy accordingly.
- Discover consumer sentiments towards various payment tools in the Swedish market and use this knowledge to inform product design.
- Learn about the key regulatory requirements affecting Swedish payments players and any recent or upcoming changes to those requirements.