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

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


1
Cashless Society of Sweden Driving Cards and
Payments Industry Ken Research
2
  • 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.

3
  • 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.

4
  • 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

5
  • 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.

6
  • 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.

7
  • 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
  • The Cards and Payments Industry in the
    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
    Communications query_at_kenresearch.com 91-124-42302
    04

8
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