The share of payments made by cash in Sweden was decreasing overall during the past 18 years. As of 2018, the share of cash in total payment transactions was less than 11 percent, and more than 40 percent of Swedes withdrew cash from ATMs less than once a month. Only six percent withdrew cash one or a few times a week.
While the use of cash was falling, payments made with cards increased, especially for cards with a debit function, which accounted for more than 80 percent of all card payments in Sweden in 2018. Payments made by debit cards amounted to almost three billion that year, which was more than double compared to ten years earlier.
Another common payment method in the country is using mobile payment apps. Around two thirds of Swedes used one to two payment apps weekly. The most preferred situation to use mobile payment apps was in peer-to-peer payments, when transferring money to a friend.
The most common payment app in the country is Swish, regardless of the users’ income. Swish was launched by several large Swedish banks in 2012, and as of February 2019 the app had more than seven million users, among which the majority were private users. Swish had more than 330 thousand daily active users as of February 2020.