Sweden Mobile Payments Market Size (2024 - 2029)

The Sweden mobile payments market is experiencing significant growth, driven by the rapid adoption of mobile payment applications and advancements in mobile technology, particularly smartphones. The country's push towards contactless payment solutions, exemplified by cashless public transport payments, is further propelling the market. Digital transactions are increasingly replacing cash, with a high penetration of mobile payment apps like Swish. The rise of digital-only banks is also supporting market expansion, despite challenges such as online fraud and the costs associated with new infrastructure. The transformation in payment preferences, accelerated by the pandemic, is leading to a greater reliance on contactless mobile and card payments.

Market Size of Sweden Mobile Payments Industry

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Sweden Mobile Payments Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 21.30 %
Market Concentration Low

Major Players

Sweden Mobile Payments Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Sweden Mobile Payments Market Analysis

Sweden Mobile Payment Market is expected to register a CAGR of 21.3% during the forecast period. Stores and services worldwide are rapidly adopting mobile payment applications, owing to the rapid growth of mobile technology, particularly with the advancement of smartphones. Also, with increasing internet penetration and rapid growth in online retailing, the market is expected to move positively over the forecast period.

  • Sweden, in recent years, has been aiming to adopt contactless payment solutions for its citizens and businesses across the country. For Instance, Sweden recently made all public transport payments cashless, promoting cashless payment solutions. In February last year, Stockholm rolled out an open-loop contactless payment system on public transport across the city. Commuters can now pay for rail, metro, tram, boat trips, and bus fares by tapping their NFC-enabled mobile wallet solution or contactless card against card readers.
  • In Sweden, cash payments are progressively being replaced by digital transactions and a growing number of mobile applications. The Riksbank is updating its systems and considering releasing an e-krona to respond to this development. The Riksbank is striving to make sure that using cash is also an option in the future. The country's transactions are often safe, swift, and effective. The Riksbank collaborates with other parties to strengthen the payment system's resistance to interruptions.
  • Using a cell phone to make a payment is becoming increasingly frequent. Almost everyone between the ages of 15 and 65 has the Swish app downloaded to their smartphone. Using systems like Apple Pay and Google Pay, for instance, there are now more methods than ever to pay with a mobile device.
  • The increasing trend of digital-only banks would support the mobile payment market in the country. For instance, Revolut launched its banking services in the country in January last year. Previously Digital-only bank N26 launched in Sweden in November 2018. Revolut offers business and individual accounts, a Mastercard-branded debit card, digital banking solutions like online payments, POS payment solutions across the country, and mobile payment services.
  • Sweden is already at the forefront of adopting mobile payment services for fast and instant payment solutions. Still, these services also have some challenges. Integrating mobile payments still faces difficulties and significant challenges, such as online fraud, cyberattacks, and identity theft. Also, there is an additional cost of setting up new devices (infrastructure) to boost mobile payment solutions with the innovation of technologies like 5G, NFC-enabled devices, and IoT.
  • The payment industry is experiencing significant transformation during and after the coronavirus pandemic. Swedish customers are choosing safe digital payments more frequently, lowering the usage of cash and thereby driving them to use contactless mobile and card payments more often when transacting in shops. For example, with Swish, E-commerce and mobile payments are becoming increasingly common. Other payment applications, such as Apple Pay and Google Pay, are becoming more popular.

Sweden Mobile Payments Industry Segmentation

A mobile payment is when funds are transferred or paid, generally for bills, goods, or services, to a person, merchant, or business via a mobile device. The technology is used to send money anywhere, anytime, using mobile devices from the initiation stage to the realization of the transaction, and it includes confirmation and authorization. Mobile device payments are alternatives to cash, cheques, or physical credit cards. Moreover, the mobile payment processing ecosystem comprises a network of merchants, banks, payment/network processors, and consumers.

The Sweden Mobile Payment Market is Segmented by Payment Type (Proximity and Remote). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

By Payment Type
Proximity
Remote
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Sweden Mobile Payments Market Size Summary

The Sweden mobile payments market is experiencing rapid growth, driven by the widespread adoption of mobile technology and the increasing penetration of the internet. The country is at the forefront of adopting contactless payment solutions, with initiatives like cashless public transport and the widespread use of mobile apps such as Swish, Apple Pay, and Google Pay. These developments are part of Sweden's broader strategy to transition towards a cashless society, supported by digital-only banks like Revolut and N26, which offer innovative banking and payment solutions. The integration of NFC technology and the rise of digital banking services are further propelling the market, making mobile payments more accessible and convenient for consumers.

Despite the challenges posed by online fraud and the need for new infrastructure, the Swedish mobile payments market is poised for significant expansion. The introduction of the e-krona and the P27 payment system highlights Sweden's commitment to enhancing its digital payment infrastructure. The market is characterized by a fragmented landscape with key players like Swish, PayPal, Apple Pay, and Samsung Pay continuously innovating and expanding their offerings. As cash usage declines, mobile payments are becoming the preferred method of transaction, supported by secure and user-friendly solutions like BankID and mPOS devices. This trend is expected to continue, positioning Sweden as a leader in the global shift towards digital payments.

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Sweden Mobile Payments Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Sizing and Estimates of Sweden Mobile Payments Market

    3. 1.3 Industry Attractiveness - Porters 5 Force Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

    4. 1.4 Assessment of Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Payment Type

      1. 2.1.1 Proximity

      2. 2.1.2 Remote

Sweden Mobile Payments Market Size FAQs

The Sweden Mobile Payments Market is projected to register a CAGR of 21.30% during the forecast period (2024-2029)

Swish (Getswish AB), Paypal, Apple Inc, Samsung Pay and Klarna AB are the major companies operating in the Sweden Mobile Payments Market.

Sweden Mobile Payments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)