If you’re looking into growing your business in Scandinavia, you will find that Scandinavians are more or less equally positive towards online shopping. But when it comes down to payment methods, Danish, Swedish and Norwegian consumers have significantly different preferences when shopping online.
Even though the online shopping behaviours in Scandinavian countries are similar, each of them has its own payment system that you, as a foreign business, need to implement if you wish to do e-commerce in Scandinavia.
In Sweden, national payment methods like Swish are very popular. Swedish shoppers use payment cards to pay for online purchases less often than the rest of Scandinavia.
Included are non-subscription payments in SEK from merchants using the QuickPay platform.
The numbers are from April 2021.
The official currency of Sweden is Swedish krona (SEK). In English, it can also be referred to as Swedish crown, as the word krona translates to "crown". One krona is subdivided into 100 öre. All öre coins were discontinued from 30 September 2010. Goods can still be priced in öre, but all sums are rounded to the nearest krona when paying with cash.
Although Sweden is a part of the European Union, the Swedish people aren't in favour of switching to the euro.
The SEK is strongly correlated with its Scandinavian counterparts the Danish krone (DKK) and the Norwegian krone (NOK). They tend to move together, although at certain times one may be stronger than the others.
PostNord is the most frequently offered delivery service provider among online stores. Budbee Home Delivery and DHL are among the top three shipping service companies.
When it comes to types of delivery, the majority of Swedish consumers opt for delivery to a pickup location or postbox. Generally, only a small number of Swedish consumers choose home delivery of online purchases.
PostNord is a leader in logistics and communication to, from and within the Nordic region. It delivers postal and logistics services in Sweden, Norway, Denmark and Finland, and distributes mail as a postal service to consumers and companies in Sweden and Denmark.
Budbee is a technological company that provides logistics for e-commerce. It lets the customers choose when and how they wish to get their goods delivered. It operates in Denmark, Finland, Sweden and the Netherlands.
In the overview below, you’ll find the split between payment methods in Sweden. The split indicates the share of payment card payments and other national payment methods. The overview constitutes the total amount of payments online.
Payment cards are one of the most popular and widespread payment methods for online transactions.
Accordingly, cards are the number one way to pay in Sweden, taking up almost 50% of all online payments.
Swish is a Swedish payment system. It was launched by six large Swedish brands and it allows customers to pay for online purchases, in-store purchases, invoices and more.
The card distribution overview shows the split between different card payment methods. Visa and Mastercard have the largest market share within the card distribution market. This might be due to ongoing internationalization and online consumers shopping across borders and therefore needing an international payment card.
The basket size overview indicates what are the average order sizes of customers using different payment methods and payment cards. The blue line indicates the average basket size in Sweden, which is 601 kr. Knowing the average, it's easier to navigate between which payment methods and payment cards you should offer your customers when operating within Sweden.