Sweden is one of the rapidly moving economies towards cashless and electronic payments. Being an export-dependent nation, Sweden stood at the sixth place in most competitive markets according to the World Economic Forum. The country is experiencing a sturdy growth because of the Eurozone debt crisis. However, debit card transactions grab the highest market share with increasing preference among customers during the review period.
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Drivers promoting the payment cards market in Sweden:
As the review period displayed a minimal growth in the payment cards, the financial institutions of Sweden are offering new products and tailored card solutions to meet the increasing convenience of its customers. Some of the factors influencing the Swedish markets are as following
1) Influence of m-commerce on the industry
Mobile payments (m-payments) in Sweden have tremendously increased during the review period owing to the rising penetration of smartphones in the market, the advent of distinct mobile applications and reduced costs boosting the market for mobile commerce (m-commerce). Enhanced performance of search engines, websites providing price comparisons, and growing use of smartphones in interior regions are also promoting the m-commerce in Sweden.
2) NFC and Contactless payment technologies
Near-Field Communication (NFC) and Contactless payments are rapidly entering into the payment cards market of Sweden. Initiatives like SAS Smart Pass stickers issued by Scandinavian Airlines for its EuroBonus Gold frequent travellers reduce the burden of paper passes and increases the user interest for contactless technology.
3) Focus on customer preferences
Customers in Sweden select their payment cards based on factors such as pricing, ease of use and other related services as all the banks of the nation collect the annual fee on debit cards. Apart from the regular insurance cover for travelling and card loss, the card issuers and banks are offering rewards, cash back and discount coupons on their cards to improve the operations and attract more customers.
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Some of the dominating players in Australia Cards and Payments Market:
- ICA Banken
- Ikano Bank
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