Top Payment Methods in Sweden: All You Need to Know

In the digital era, Sweden stands out as a pioneer in embracing diverse payment methods. From cutting-edge mobile solutions to traditional alternatives, the country offers a wide array of choices for merchants and clients. In this blog post, we'll delve into the top payment methods in Sweden, shedding light on the efficiency, convenience, and unique features of each. Let’s take a look!

1. Swish

At the forefront of modern payment solutions in Sweden is Swish, a mobile app that has revolutionised the transaction sphere in Sweden. Today, more than 8 million people have Swish, making as many as 84 million monthly payments. Swish allows users to transfer money seamlessly using just a mobile number. With its widespread adoption, Swish has become an integral part of everyday transactions, making it an essential tool for anyone navigating the Swedish payment landscape. 

Because of its popularity, Swish has been adapted to serve Swedish organisations. With a mobile app, businesses can charge customers via QR codes. 

2. Autogiro (direct debit)

For recurring payments such as utility bills, subscriptions, regular charity donations or insurance premiums, Autogiro is the go-to method in Sweden. This direct debit system automates transactions, ensuring timely payments without the need for manual intervention from merchants or clients. Widely trusted for its reliability, Autogiro simplifies financial management for both consumers and businesses, offering a hassle-free way to handle regular financial commitments.

Traditional Autogiro mandates used to create heaps of administrative burden for merchants and clients, due to long paper forms and mistakes in filling out bank account numbers. Thanks to digital solutions, like for example Waytobill’s Digital Autogiro, the onboarding process is now much simpler and can be completed just in a couple of minutes. Besides, this payment method can be easily integrated with sales and CRM systems, allowing for efficient payment management. 

Clients sign payment mandates by using their secure BankID login. 

3. Card payments

Card payments are ubiquitous in Sweden, with credit and debit cards widely accepted across the country. Card payments were Swedes' favourite payment method in 2022, with almost 90% of the population opting for this payment form. From bustling city centres to remote villages, card terminals are a common sight, making it convenient for locals and tourists alike. The security and ease of use associated with card payments contribute to their popularity, solidifying their place as a top choice for various transactions, especially since the emergence of contactless payment and mobile wallets. 

4. Invoice and e-invoice

Invoicing remains a significant part of the Swedish payment landscape, offering flexibility for both businesses and consumers. Traditional paper invoices coexist with their electronic counterparts, providing options for different preferences. E-invoicing, in particular, has gained traction for its environmental sustainability and efficiency. Companies and individuals can easily send and receive invoices digitally, streamlining the entire invoicing process.

Find out more about invoice distribution channels in Sweden. 

5. Cash 

While Sweden is at the forefront of the cashless revolution, cash is still accepted in many places, however, it’s estimated that only 2% of all transactions are now made with cash. Nevertheless, having some cash on hand can be useful in certain situations.

Whether you prefer the convenience of Swish, the automation of Autogiro, the ubiquity of card payments, or the flexibility of invoicing, Sweden has a payment method to suit every need. Stay informed, explore the choices, and enjoy the seamless transactions Sweden has to offer. Contact us for more information!