Mobile payment market Sweden,Cards and Payment industry in Sweden : ken Research

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Cashless Society of Sweden Driving Cards and
Payments Industry Ken Research
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• Ken Research has announced recent
  publication titled The Cards and Payments
  Industry in Sweden Emerging Trends and
  Opportunities to 2021 which discuss detailed
  analysis of the industry and forecast. Report
  discuss various payment card markets operating in
  the industry, and provides detailed information
  on the number of cards in circulation, and
  transaction values and volumes during the review
  period and over the forecast period (2017-2021).
  It also offers information on the country's
  competitive landscape, including the market
  shares of issuers and schemes. It also discusses
  major government regulations pertaining to cards
  and payments industry and marketing strategies
  used by various banks and other institutions.

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• Sweden is dubbed as the most cash free
  society in the world with over 80 percent of
  transactions without the physical exchange of
  money. This drive to a cashless society has been
  supported by the UN Capital Development Funds
  Better Than Cash Alliance  funded by the Bill
  Melinda Gates Foundation, MasterCard and Visa
  among others. The Swedish has made most of this
  given support . Most of the people are vouching
  for the cash free society with the slight
  exception of the elderly who are finding it
  ..difficult to adjust to the rapid change in the
  payment methods. Also certain vendors are
  cringing about the transaction cost associated
  with online payments. Many banks in Sweden do not
  have cash. About 900 banks of the 1600 banks
  neither keep cash nor accept it. The shopkeepers
  donot want it ,the people dont carry it. The
  retailers are legally entitled to refuse notes
  and coins. It is impossible to buy tickets on
  the Swedish buses and Stockholm metro with cash.

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• According to Riksbank, cash transaction
  accounted to only 2 of value of all payments
  last year and is estimated to drop by .50 by
  2020. Cards are the payment methods used the
  most by the people, with an average of 207
  transactions per card per year. This is followed
  by payments through many other phone wallets ,
  swish being the popular one. With the
  introduction of iZellet , a cheap and easy system
  designed to take card payments via a mini app and
  a small card reader has helped the small traders
  , street vendors to adopt to cash less
  transactions. The success of Sweden in adoption
  of cashless society lies in the fact that the
  people there were digitally ready. The
  proliferation of mobile phones and internet
  connections in Sweden is among the highest in the
  world, making it easier to adopt new electronic
  payment systems. The banks became digitized much
  earlier than rest of the countries

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• 94 of Swedish are connected to the
  internet. The ecommerce market in Sweden is
  blooming. More and more household have been
  shifting towards online shopping. The e commerce
  market is currently about 6 billion Euros. The
  major products being sold is electronics, books,
  clothing and footwear. The e commerce accounts
  for about 6 of the total retail sales. The most
  preferred payment method is via invoice followed
  by personal bank accounts. However, recently the
  paymet via yhe credit card is showing the biggest
  growth. In 2016, Swedish banks expanded Swish,
  known as a extensively used mobile app for online
  transactions. This app was previously focused for
  peer-to-peer (P2P) and in-store payments. This
  app, Swish is owned by six Swedish banks
  including Danske Bank, Handelsbanken,
  Lansforsakringar Bank, Nordea, SEB and Swedbank.

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• Swish has grown in popularity since its
  launch, with 4.9 million users in Sweden as of
  November 2016. In May 2016, USD 892.3 million
  (SEK7.5 billion) worth of transactions were
  performed using Swish, rising to USD 994.3
  million (SEK8.4 billion) in November 2016.
  Contactless technology is still at a nascent
  stage of development in Sweden, with only a
  handful of banks-such as ICA Banken and Danske
  Bank-offering contactless cards. The number of
  contactless cards increased threefold from
  439,707 in 2015 to 1.5 million in 2016, and is
  anticipated to reach 15.0 million by 2021. With a
  rising number of small businesses and street
  vendors accepting payment cards for small-value
  transactions, the introduction of contactless
  technology is expected to drive payment card
  transaction volumes over the forecast period.

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• For more coverage Click on the link below
• https//www.kenresearch.com/banking-financial-serv
  ices-and-insurance/financial-services/the-cards-pa
  yments-industry-sweden-emerging-trends-opportuniti
  es-2021/74580-93.html
•  
• Related Links
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  Philippines Emerging Trends and Opportunities to
  2021
• The Cards and Payments Industry in Denmark
  Emerging Trends and Opportunities to 2021
• Contact
• Ken Research Ankur Gupta, Head Marketing
  Communicationsquery_at_kenresearch.com91-124-42302
  04

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