Sweden is one of the few countries in the world in which banknotes and coins in circulation are constantly decreasing. The number of cash withdrawals has also declined significantly in recent years. Only 20 per cent of all payments in shops are currently made in cash.
Bank payments is a popular payment method for online payments in Sweden. As many as 35% of the customers prefer to pay with this method when they are shopping online. There are 4 large Swedish banks all of which offer payments via online bank transfer. Together, these banks have about five million online banking users.
By offering online bank transfers, merchants can reach more than 5 million potential customers in Sweden. Bank payments offer a high level of security, real-time confirmation of payment authorization and possibility of immediate shipping of goods. Merchants offering online bank transfers also give their customers a secure online method with no risk of fraud or default to shop online.