Sweden's Riksbank, together with the other Nordic central banks, has published a comparative study of retail payments in the Nordic region finding that most Swedish bank customers lack access to instant payments to recipients at other banks via online or mobile banking, with Swish largely the only exception. In the other Nordic countries, the study finds that almost all bank customers can make instant payments through their banks’ digital channels. Across the Nordics, digital payments are widely used and all countries rank highly for cashless in-store payments, with cash used least in Iceland and Norway where only 2 per cent of purchases in shops are paid for in cash. The study notes that Sweden relies heavily on Swish for online and person-to-person payments, with similar app-based services used in Norway and Denmark, while Finland has not seen the same impact and Iceland has no equivalent, where banks instead have offered instant payments alongside user-friendly online and mobile banking. Swish payments are settled via the Riksbank’s RIX-INST system and are described as essentially the only payment type that reaches Swedish bank customers immediately, with instant bill payments and business-to-business instant payments not available through major Swedish banks, despite the Riksbank having opened its payment system to enable wider instant payments.
Riksbank 2025-12-11
Sweden's Riksbank publishes Nordic payments study highlighting limited instant payment access beyond Swish
Sweden's Riksbank and other Nordic central banks published a study highlighting that most Swedish bank customers lack access to instant payments across banks, with Swish as the primary exception. In contrast, other Nordic countries offer widespread instant payments through digital channels. The study also notes the high prevalence of digital payments across the Nordics, with cash usage lowest in Iceland and Norway.