Sweden Cards And Payments industry is becoming more competitive every year, with banks and card-issuing companies now forced to offer more attractive products in order to retain their market positions. Significantly, the emergence of highly secure payment gateways increased public confidence in payment cards. The rapid expansion of the Swedish online retail and travel industries also supported the industry. In terms of the number of cards in circulation, the Swedish card payments channel is expected to register a forecast-period CAGR of 2% and will be dominated by the debit card category which is projected to account for just over 50% of the channel in 2023 followed by the credit cards and charge cards.
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The Swedish National Debt Office offers the only prepaid card in Sweden to give people to electronic payments without bank accounts. The card, launched in 2010, is accepted at MasterCard-enabled terminals. There exists the potential for growth in the prepaid cards category as the platform could be used to facilitate government schemes, e-commerce, and travel industry payments. In this regard, the government has been moving toward the use of prepaid cards as a means of distributing social benefits.
The growth of contactless payments expanded the potential for card-based payments in Sweden. Contactless cards introduced by MasterCard PayPass and Visa encouraged card-based transactions in retail outlets. Contactless terminals are being installed in colleges, airports and public service points. A few infrastructure drivers are expected to spur industry growth. Important infrastructure drivers include internet penetration levels, NFC, contactless terminals, smart cards and the adoption of EMV. Growth in the retail industry and e-commerce in the country is also likely to spurge the growth rate in the forecast period.
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Growth was supported by rising levels of annual disposable income, consumer spending on cards and an improvement in consumer confidence. Payment systems developed to better meet the needs of corporate and individual customers. Consumer-oriented payment systems such as cash and cards account for most of the transactions made. While electronic payment mechanisms are growing, conventional paper-based methods are declining due to reducing levels of acceptance.
Some of the Dominating players in the Sweden Cards and Payments Market:
- Swedbank
- Nordea
- Handelsbanken
- ICA Banken
- Ikano Bank
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