Sweden Cards and Payments Opportunities and Risks to 2028 - Amid the Increased Pace of Digitalization, Banks in Sweden have Ceased Offering Cash Withdrawal Services

Dublin, June 17, 2024 (GLOBE NEWSWIRE) -- The "Sweden Cards and Payments: Opportunities and Risks to 2028" report has been added to ResearchAndMarkets.com's offering.

The report provides detailed analysis of market trends in the Swedish cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, credit transfer, cards, direct debits, and cheques during the review-period (2019-23e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2024f-28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

The report provides top-level market analysis, information and insights into the Swedish cards and payments industry, including :

  • Current and forecast values for each market in the Swedish cards and payments industry, including debit, credit and charge cards.
  • Detailed insights into payment instruments including cards, credit transfer, cash, and direct debits. It also, includes an overview of the country's key alternative payment instruments.
  • Ecommerce market analysis.
  • Analysis of various market drivers and regulations governing the Swedish cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape of the Swedish cards and payments industry.

Report Scope

  • Sweden is heading toward a true cashless society, led by government initiatives and the societal shift away from cash. The constant decline in cash usage-coupled with the strong preference for payment cards and rising usage of alternative solutions-signals a transformative trend. Sveriges Riksbank has created a detailed action plan for the development of its digital currency, the e-krona. The project to develop the e-krona was initiated in 2019. The currency will be based on blockchain technology and will be a government-guaranteed method of payment without credit risk. At the time of writing, the project is still in the developmental phase.
  • Amid the increased pace of digitalization, banks in Sweden have ceased offering cash withdrawal services. According to Riksbank, 660 bank branches offered over-the-counter cash withdrawals in 2017; as of April 2022, none of the major banks offered this service. Meanwhile, the Kassagirot service offered by payment services provider ClearOn (enabling petrol stations and grocery stores to act as payment service agents and dispense cash) was discontinued in August 2022. Cash services are disappearing as a direct result of reduced consumer demand for cash and growing uptake of electronic payment methods.
  • Despite strong uptake of electronic payments, there are still some gap in terms of awareness, especially among senior citizens and individuals in rural areas. To address this, an annual national event called Digitalidag is held, focusing on the opportunities and challenges of digitalization. One of the focus areas of the 2023 Digitalidag program was to spread awareness of online fraud and misinformation, as well as measures to safeguard consumers (especially senior citizens) from these threats. Initially started in 2019 across 11 towns, the event has been expanded to additional towns and cities since. The 2023 event saw the launch of 1,000 initiatives across 216 municipalities. Such initiatives are expected to further increase digital awareness, thereby accelerating the shift toward a more digitalized society.

Reasons to Buy

  • Make strategic business decisions, using top-level historic and forecast market data, related to the Swedish cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Swedish cards and payments industry.
  • Assess the competitive dynamics in the Swedish cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Sweden.
  • Gain insights into key regulations governing the Swedish cards and payments industry.

Company Coverage:

  • Swedbank
  • SEB
  • Svenska Handelsbanken
  • Ikano Bank
  • Nordea
  • Medmera Bank
  • ICA Banken
  • Skandia
  • Visa
  • American Express
  • Mastercard

Key Topics Covered:

  • Executive Summary
  • Market Overview
  • Payment Instruments
  • Card-Based Payments
  • Merchant Acquiring
  • Ecommerce Payments
  • In-Store Payments
  • Buy Now Pay Later
  • Mobile Payments
  • P2P Payments
  • Bill Payments
  • Alternative Payments
  • Payment Innovations
  • Job Analysis
  • Payment Infrastructure and Regulation

For more information about this report visit https://www.researchandmarkets.com/r/shxvjg

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