Sweden Payments Guide

Sweden, the land of the midnight sun! The kaleidoscopic country gave us the pop legend ABBA, IKEA, Spotify and Volvo. Oh, and let’s not forget about Vikings! Sweden has always been a fun Nordic country for foreigners. The land where pop music lived its legendary years, some of the best design work originated from and last but not least, where the original Swedish meatball recipe was created! It might be shocking to some that Sweden is one of the largest countries in the European Union, with a citizen count of only 10 million. 

The weather changes from one end of the daylight spectrum to the other in a year since the country is on northerly latitude, and in addition to this unusual but alluring climate, Swedish winter gives us the incredible Aurora Borealis, also known as the Northern lights, which belongs to the colourful dreams of millions from all over the world.

In addition to the strikingly gorgeous Northern Lights, Sweden is enchanting during Midsommar, when the summer solstice is celebrated everywhere around the country. Unlike the movie that traumatised the entire world, Midsommar is a delightful summer celebration with flower picking, dancing, and singing to bless the upcoming season. Since the winters can get extremely cold, dark and long, Swedish people know how to appreciate the good weather!

While it is known for its frigid weather, dynamic pop music, artistic design work, and good food, Sweden has much more to offer. It is the sixteenth-richest country in the world in terms of GDP (Gross-Domestic-Product) per population unit, and Swedish citizens experience a high standard of living. 

Moreover, having the world’s eleventh highest per capita income, Sweden ranks highest in health, education, income equality, gender equality, wealth, protection of civil rights, and economic competitiveness. When there are excellent living conditions, there is also time for art. Sweden has always been one of the first names that come to mind when it is about exemplary design in any field. 

Sweden has provided outstanding examples from graphic design to industrial design and furniture design. Such a great country for slow living, making art and being a woman! Wouldn’t we all want the same conditions? It is not surprising that this dreamland is on the radar of everyone looking for a place to create a better life for themselves. 

At last, the economic position of Sweden can be defined as increasingly science-centred, mainly provided by the export, manufacturing sector and a large public service sector by international standards. Unlike other Western countries, a significant portion of Sweden’s industry has been controlled privately. 

Furthermore, as a part of the Schengen Area and the EU single market, Sweden does its international trading mostly with Denmark, Finland, Norway, Germany, the United States, and the United Kingdom. Hence, most online money transfers to Sweden come from these high-developed countries.

Choosing Payment Methods in Sweden

Although most are equitable, educated and modernist, Swedish people are highly conservative regarding traditional financial assets. In September 2003, people chose to keep their fiat currency, the Swedish krona (SEK), because of the referendum. This approach can also be seen in payment options in Sweden. As written in the latest JPMorgan report, the major credit/debit cards like Visa and Mastercard are still the most popular payment options online, taking up to 38% of the total sales pie. 

sweden payments

Undoubtedly, one of the most known mobile payment solutions is Swish, which has become the most preferred online payment method in recent years. The Swish app ranks as the most preferred payment method and practice in Sweden among young adults who are used to technology more and adults aged between 30-40.

What are the Different Types of Payment Methods in Sweden?

In order to inform our readers and give a complete perspective regarding the payment practices in Sweden, we have listed the most convenient and used payment options below:

  • Credit Cards in Sweden

As we have mentioned before, credit and debit cards are still the most popular options amongst the Swedish. Major credit cards are accepted in any field you might think of, from taxis, hotels, banks, stores and restaurants. 

With some restrictions on American Express, if you are one of the people who like using their credit and debit cards for everything, Sweden welcomes you with open arms. We guarantee you there is unlikely that you will struggle with your payments in Sweden if you use one of the major credit cards, including Visa, MasterCard and Maestro. 

  • Cash in Sweden

Cash is used less and less every day in Sweden. Since Swedish people are practical, they often prefer paying with a card. Even though some shops do not accept cash anymore, especially in Stockholm, cash can still be used for small payments and is accomplished mainly by the elderly population of the country. 

In the near future, the entire country might go cash-free. If you are a cash user, we can advise you to start looking for other payment options before going to Sweden to ensure you don’t encounter any problems while paying for your coffee to warm you up in the brutal Swedish winter. 

  • Digital Wallets in Sweden

Digital wallet usage in Sweden is becoming increasingly popular, with new digital wallets and payment options appearing on the market. As we have mentioned before, Sweden is almost a cash-free country, and Swedish people embrace new payment methods readily as they bring convenience and security. With digital wallets and various other online payment options, making transactions is becoming more hassle-free daily. 

The most significant advantage of owning a digital wallet is being independent of location and time. Creating a digital wallet account online will take up to 10 mins with no gathering documentation or waiting, whereas this time duration is more than a couple of days in the best condition for a brick-and-mortar bank. Thus, like worldwide, most Swedes are looking for the best digital wallet feature in their lands and compared them with each other to choose the one meeting their standards. 

  • Cryptocurrency in Sweden

Cryptocurrency usage is becoming increasingly popular all around the world every year, and Sweden is not an exception. Even the Swedish government hopped on the trend and started testing “e-krona”, the digital version of Sweden’s local currency. 

The cryptocurrency market in Sweden is thriving with no present legal regulations and multiple popular cryptocurrency exchange platforms. Cryptocurrencies are considered tradable assets rather than currencies and, if kept as stocks instead of trading, can be subject to income tax of 32%. 

sweden payments guide

Jeton Wallet in Sweden

Hej Sverige!

Our game-changer digital wallet, Jeton Wallet, has been in the Swedish market for a while, and we have received great feedback from our beloved users here. Thanks to the elevated experience of our inner circle professionalised in Scandinavian countries, you will find our digital wallet tailor-made for your needs. 

Jeton Wallet successfully operates in more than 100 countries and serves online money transfers, scheduled payments, and sensible exchange rates among over 50 fiat currencies and cryptocurrencies (Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Dogecoin, Tether).

To meet our innovative services, privileges, Visa-based Jeton Card, and user-oriented approach, visit jeton.com today. Once you create a Jeton Wallet account, we assure you will have an online experience beyond your expectations! 

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