Sweden is currently set to be the first cashless society by 2023 - 362 years after being the first European nation to adopt banknotes in 1661. This move has been made possible through the introduction of Swish, a mobile payment system which was first launched in 2012.

This would account for the decline in alternate payment methods over the past four years, as 50% more of the Swedish population are now using Swish compared to 2014.

Cash usage in Sweden by payment size

Percentage of population who use Swish:

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Swish use - February 2019

The majority of transactions made via Swish are private, including peer-to-peer payments. Despite this, there has been a drop in the average number of private Swish transactions per customer over the past year, going from 3.81 in 2018 to 3.34 in 2019.

Average Transaction ValueCustomersAverage Transactions Per Customer
Private587 SEK68703.34
Business370 SEK1920.54
trade238 SEK390.96

Perceived security of online payment methods

This drop may be due to the perceived insecurity of the mobile payment system, with a recent survey revealing that Swedes consider Swish to be the least secure payment method compared to invoices, PayPal, online banking and credit cards.

This concern is mirrored in the US, where 40% of consumers who don’t use mobile payments cite security concerns as a major reason, and in the UK, where 40% of survey respondents were reluctant to put their personal details onto their mobile.

Share of survey respondents
Online Banking51
Credit Card26