In 2019, Swish became the most preferred payment method online among 18–40 year olds, and in 2020 it was used by almost 8 million Swedes. Swish was first launched by six large Swedish banks and was originally intended for P2P transactions.However it soon got adopted as an instant mobile payment solution for online shopping, mobile apps and QR-code payments. However, this payment method is expected to be replaced by bank transfers in the near future, due to three Swedish innovations: Swish, Klarna and Trustly. Moreover, even though the fintech culture is exceptionally strong in Sweden, credit & debit cards such as Mastercard and Visa, remain the most popular online payment method with 38% of the sales. According to a JPMorgan report, mobiles are the main shopping channel in Sweden, with half of all purchases being completed on mobile devices rather than desktops. Starting with the largest e-commerce market, Sweden represents significant opportunities for online merchants, with an annual market spending of 30 billion euros. In this blog, we will discuss all you need to know about payment methods in the Nordics. However, knowing what are the most popular payment methods here, is crucial for successful entry. In the Nordics, online shopping is extremely widespread, making it an appealing region to expand into for e-commerce merchants. Therefore, it is no surprise that the Nordics are an attractive region for cross-border merchants and knowing about the local payment methods is imperative for expanding into these digital nations. According to the same report, Norway ranks as the second largest e-commerce market in terms of revenue per shopper. This is also illustrated by the fact that 84.65% of Swedes shop online, making it the number one e-commerce embracing population in the world. In fact, a popular opinion in the payments space is that the Nordic countries will become the first “cashless” societies, clearly conveying the importance of digital payments in the region. The Nordic countries in Europe are widely recognized as being extremely modern and digitally savvy nations. Most popular payment methods in the Nordics
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