Sweden’s economy runs almost entirely on digital payment methods such as instant bank transfers, mobile apps verified by BankID, and card networks. This means businesses can accept payments quickly and securely, but only if they understand the payment environment they’re building in. That starts with understanding each payment type (“betalningstyp” in Swedish). Knowing how each type connects to your accounting, customer experience, and infrastructure can help save time, reduce costs, and meet the expectations Swedish customers have at checkout.

With the Swedish payment market expected to grow to over $10 billion USD by 2030, it’s important for businesses to fully understand it. Below, we’ll explain what payment types are in Sweden, how they differ from payment methods and options, and how to choose the right ones.

What’s in this article?

• What is a payment type in Sweden?
  
• How is a payment type different from a payment method or option?
  
• What are the most common payment types in Sweden?
  
• How can Swedish businesses choose the right payment type?
  
• How Stripe Payments can help
  

What is a payment type in Sweden?

In Sweden, a payment type describes the broad way money moves from customer to business and is an underlying category rather than a specific product or app. Since Sweden relies heavily on cards and mobile payments—while cash accounts for only about 1 in 10 in-store purchases—betalningstyp (literally “form of payment”) often refers to digital payment types such as cards, digital wallets (e.g., Apple Pay, Google Pay), and direct bank transfers. When a Swedish business chooses which payment type to accept, it’s essentially deciding how it wants to participate in that digital money flow.

How is a payment type different from a payment method or option?

These terms are often used interchangeably, but there are nuances. They describe different layers of how money moves, and understanding those layers can help businesses design better checkouts and more organized accounting.

Payment type and payment method both describe the kind of network money travels on, such as a card, bank transfer, mobile payment, or buy now, pay later (BNPL). A payment option is what the customer sees during checkout, such as “pay by card,” “pay with Swish,” or “pay later with Klarna.” For customers, payment type and payment method generally mean the same thing. But for financial institutions, such as Sweden’s central bank, payment type (betalningstyp) refers to a class of payment (e.g., ecommerce, wholesale, peer-to-peer, retail) rather than a method.

That distinction matters in Sweden, where the payment market is both fragmented and highly standardized. The payment type or method you choose determines factors such as settlement time, security requirements, and customer authentication. And the option determines what your customer clicks or taps.

What are the most common payment types in Sweden?

Sweden’s payment market is nearly cashless, increasingly digital, and shaped by the rapid adoption of modern payment types. There aren’t many systems that move money, but the ways customers use them are diverse.

Here are the most common payment types.

Card payments

Swedish customers use credit and debit cards online and for in-store purchases that customers in many other countries might use cash for. Contactless terminals are common, and cards are ubiquitous since the infrastructure is mature, settlement is quick, and there’s nearly universal acceptance. Debit cards are the most common payment method.

Mobile payments

Mobile payments have become part of daily life. Swish, which was launched by Swedish banks and is secured with BankID, lets customers transfer funds instantly between accounts. Market stalls, online shops, and peer-to-peer payments frequently use it. In 2023, 43% of Swedish customers said they’d used Swish for an ecommerce payment in the past month. It delivers instant settlement and low, flat transaction fees for businesses. The only limitation is that it’s local, so it’s available only to users with Swedish bank accounts.

BNPL and invoice-based payments

Swedes were early adopters of paying by invoice and BNPL. These systems extend the long-standing habit of receiving goods first and paying after. Sweden has the highest BNPL adoption rate in the world, with BNPL methods making up nearly 25% of ecommerce payments. On the business’s side, BNPL can boost conversions and average order value, but it comes with higher processing fees and a dependency on the third-party provider that fronts the money. Settlement usually happens within a few days, even though customers typically have 14–30 days to pay their invoices.

Digital wallets

Digital wallet adoption is rising quickly. In 2024, more than half of Swedes used a mobile phone to pay in-store. Many wallets still use cards as a funding source but make checkout faster and safer, especially on mobile devices. They’re a small but growing piece of Sweden’s already digital payment environment.

Bank transfers and direct debit

These remain important for B2B and B2C transactions—both one-off and recurring payments. Bankgirot supports bank transfers, while Autogiro (a direct debit service provided by Bankgirot) automates recurring pulls for subscriptions or utilities. They’re reliable, low-cost, and well understood by Swedish businesses.

Cash

Cash still exists, but it’s not prevalent. Handling costs, security risks, and the convenience of digital alternatives have pushed Sweden toward a cashless economy.

How can Swedish businesses choose the right payment type?

Start with customer behavior. In Sweden, cards are the bare minimum, Swish is expected, and BNPL is a regular part of ecommerce. If you sell to businesses or run subscriptions, Bankgirot is the expected default for both recurring and nonrecurring invoices.

Here are some more tips for selecting payment types.

Design payment offerings by channel

For ecommerce, accept cards for coverage, Swish for instant account-to-account transfers, BNPL and invoice payments to convert higher-value purchases, and digital wallets to reduce friction on mobile devices.

In-store, contactless cards should be the default. Modern terminals are designed to accept wallet taps, and Swish QR codes or numbers serve as a clean backup option (or as a primary type for microbusinesses).

If you do both ecommerce and in-store sales, unify the experience. This way, customers can pay with the same payment types online and at the counter—and your team sees just one set of reports.

Assess price, settlement time, and risk

• Cards: Cards incur percentage-based fees. Funds typically become available in a few days, but there’s a risk of chargebacks.

• Swish: Swish usually levies a low, flat fee per transaction with instant settlement to your account. It’s available only to users with Swedish bank accounts.

• BNPL or paying by invoice: BNPL and invoice payment options have higher provider fees. But they pay you quickly (often within a few days), while the customer has 14–30 days to pay.

• Bankgirot transfers: These are a low-cost choice for larger invoices, but they have a slower cash cycle and involve more reconciliation work—unless you enforce optical character recognition (OCR) references.

• Autogiro: This system is efficient for recurring billing, but the occasional failed pulls require dunning flows.

Select preferences for operations and controls

Pick payment types that keep reconciliation neat (e.g., order IDs, OCR references, payout schedules) and match your team’s cadence. Sweden’s norms are well established, so build on tools that enforce these by default for compliance.

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