Jan 24, 2017
In Sweden, more than two-thirds of the transactions are completed online, and most Swedes do not even carry cash at all when they go out.
Payment methods in Sweden:
- Pay by Cash:
Although Sweden is a European Union Region, but not in the Euro Area, the official currency is SEK. Although few people use cash to pay today,but this payment method still exist.
- Credit Card and Bank Transfer:
Credit Card is a safe and efficient way to pay, that is very popular among consumers. Swedes are no exception as well. In Sweden, Credit Cards with a symbol of Visa or Mastercard can be used.
More than 85% of Swedes have access to online banking, and according to the study, 35% of Swedes in Sweden prefer online payments with direct transfers. Comprehensive coverage of all major banks in Sweden, as well as immediate confirmation of payment and clear processing, allow merchants worldwide to increase their conversions and reduce the reserve exchange rate for regular card payments.
- "Contactless Payment" with Chip Card:
You can use contactless payment method on the supported terminal equipment with Chip Card that has a logo of payWave or PayPass, to compelete the payment of the transaction amount which is not large, and do not have to enter the password, it is super convenient.
Swish is much more like Chinese Alipay, it is also a very convenient means of payment. However, only people who own a Swedish bank account can open Swish service.
By providing a secure environment for online payments, bank transfers are now an important option for any retailer wishing to enter the Swedish market. Users can pay directly from their preferred account and receive instant payment confirmation without having to enter the sensitive information of the credit or debit card.