Payments Report 2024 (Sveriges Riksbank)

Summary

• In 2023, 63 per cent of survey respondents paid by debit card for their last in-store purchase, while 9 per cent paid using a card in their mobile phone.p.12
• The economic costs of payments in Sweden in 2021 were estimated at SEK 51 billion, which corresponds to almost 1 per cent of GDP.p.37
• Card and Swish payments had the lowest cost per transaction at SEK 4.4 in 2021, compared to SEK 13.4 for cash payments.p.37
• Reported card fraud cases in Sweden increased by 44 per cent from 2022 to 2023.p.33
• BankID remained the dominant e-identification service in Sweden with around 8.5 million users in 2023.p.44
• The number of counterfeit banknotes submitted to Swedish police fell from 6,629 in 2020 to 2,179 in 2023.p.35

Key insights

1. Instant payments in Denmark and Norway account for an estimated 50 per cent of account-to-account transfer volume, compared with roughly 40 per cent in Sweden.p.24
2. In a 2023 survey, 44 per cent of respondents had a negative attitude toward the decline in cash use, up from 36 per cent in 2022.p.16
3. E-commerce participation remained strong in 2023, with 75 per cent of survey respondents having shopped online over the past month.p.13
4. More than 75 per cent of foreign-born survey respondents in vulnerable areas consider sending money abroad to be expensive.p.20
5. Banks' annual cash handling costs decreased by around SEK 2.7 billion, or 80 per cent, between 2009 and 2021.p.38
6. System availability for the Riksbank's RIX payment system reached 99.82 per cent in 2023, falling slightly short of its 99.85 per cent target due to an April incident.p.30
7. The number of consumers having payment accounts closed by banks increased by 30 per cent between 2020 and 2022.p.44