Payments Report 2026: Measures needed to reduce vulnerability and increase inclusion in the payments market

Banks should offer more services for instant payments

National payment solutions, such as Swish, are important complements to strengthen resilience and reduce external dependency in the payments market. Swedish banks have long been able to offer more instant payment services based on Swedish and European infrastructure, but virtually no bank has chosen to do so. This means, among other things, that companies in Sweden have no way of making instant payments between one another and that a transfer via the internet bank on Friday afternoon reaches the recipient on Monday morning at the earliest. Within one year (March 2027), the Riksbank expects the market to have started offering such services, or to have communicated a plan to do so in the near future. If the market fails to do this, the Riksbank considers that legislation should be introduced in line with that which applies to payments in euros. 

Payments between countries need to be cheaper and faster

Sweden also needs to step up its work on cheap, efficient and secure payments between currencies. The Riksbank participates in the TIPS Cross Currency project to enable instant payments between Swedish kronor, euros and Danish kronor. This project requires cooperation with the market and the Riksbank continues to encourage banks and other payment service providers to join. Efficient mobile payments across countries and currencies can also be achieved by linking local solutions, such as Swish in Sweden, with similar solutions in other countries. The Riksbank considers that this solution would benefit Swedish consumers and companies and therefore encourages Getswish and its owners to work towards linking Swish.

There must be payment methods for everyone

Increasing inclusion in the payments market also requires measures. Firstly, the banks must always consider risk mitigation measures before refusing or closing a payment account. Second, the Riksbank believes that a solution is needed so that people who do not have a payment account or who experience digital exclusion can also make necessary payments, such as paying bills. The Riksbank believes that it should be possible to develop standardised alternatives that can be offered throughout the country.

Strengthen access to cash services and introduce a SEK 10,000 limit for cash purchases in shops

Cash is also an option for people who do not have a payment account or cannot use digital payment services for other reasons. In addition, cash is essential in the event of crisis or war. The Riksbank therefore recommends that households keep around SEK 1,000 in cash per adult at home to strengthen their preparedness. The Riksbank also emphasises the importance of improving access to cash services for both private individuals and companies. Moreover, the Riksbank proposes that a limit of SEK 10,000 be introduced for cash purchases in the retail trade. A monetary limit would make it more difficult to use cash for criminal purposes.

Press conference

A press conference with Governor Erik Thedéen and Elin Ritola, Head of the Division for Payment Analytics and Innovation, will be held today, Thursday 12 March at 10.00 at the Riksbank. Press cards or the equivalent are required to participate. Advance registration is required, to press officer Susanne Meyer, susanne.meyer@riksbank.se.

ABOUT THE PAYMENTS REPORT

The Payments Report describes and analyses developments in the payments market over the past year. It presents the Riksbank’s assessments and policy stance in the area of payments. The aim is to disseminate knowledge and to contribute to debate, and make it easier for external parties to monitor, understand and evaluate the Riksbank’s work on payments. Read the whole report on the Riksbank's website.