Swedish consumers are adopting digital wallets at an accelerating pace, according to a new report from Visa Consulting & Analytics (VCA). This rise reflects a broader trend across the Nordics — physical cards remain relevant, but consumer preferences for digital payment methods are growing. The findings come from the report “Fragmented yet Thriving: The Nordic Payment Landscape 2024”.
The report, based on a survey of 2,000 consumers across the Nordic region combined with Visa’s transaction data, highlights several key trends:
- Use of digital wallets in Sweden is expected to surge, with transaction value forecasted to grow 141% between 2023 and 2027. This increase is occurring as traditional card payments slow, signaling a clear shift in consumer behavior. The rapid move toward digital wallets and account-to-account (A2A) payments presents both opportunities and challenges for the financial sector.
- Digital wallets are now used by 87% of Nordic consumers. In Sweden, digital wallets account for 38% of in-store transactions, and that share is projected to reach USD 88.9 billion by 2027. While preferences for specific wallets vary across the region, wallets linked to cards are experiencing the fastest growth.
- In Sweden, 28% of consumers use Google Pay, 23% use Apple Pay, and 13% use PayPal.
- Account-to-account (A2A) payments are gaining traction, particularly for online purchases. Although the Nordics lead several European countries in A2A adoption, they still trail leaders like the Netherlands and Poland. In Sweden, 31% of consumers made an A2A payment in the past month.
- Established banks continue to hold strong customer relationships, but an increasing number of consumers are turning to FinTech challengers and other financial institutions for online payments. This trend is most pronounced among younger, digitally active customers. In Sweden, 9% of consumers use a secondary financial provider for online payments, a 50% increase from 2023.
- Consumer priorities around card features are evolving. Security remains the top concern (cited by 26% of Swedes), but convenience (19%) and transparency about how payments are processed (16%) are also important. Interest is growing in features like spending tracking and rewards programs, creating opportunities for product differentiation.
“Sweden is at the forefront of the digital payments transformation in the Nordics. The rapid adoption of digital wallets and other innovative payment methods highlights the importance of seamless and secure digital experiences. Visa is committed to working with banks and FinTech firms to empower consumers and businesses to operate effectively in this dynamic environment,” said Fredrik Lindquist, Country Manager at Visa.