A national survey has found that over 98% of Swedes now rely on card alternatives from the top three brands, as well as other shifts in payment habits.
The survey, conducted by research firm Insight Intelligence in collaboration with Trustly, Adyen, Swedbank and PostNord Strålfors, highlights significant changes in Swedish payment habits over the past decade.
One of the aforementioned card alternatives that Swedes have been increasingly adopting is Pay by Bank, with nearly four in ten Swedes (39%) now using it for essentials like rent or bills.
Pay by Bank enables consumers to pay for goods or services directly with their bank account, which aims to provide a more seamless customer journey, as well as other benefits.
This feature addresses key frustrations highlighted by respondents, with a quarter (25%) pointing to excessive steps in online payments as a major issue. Similarly, 23% expressed frustration with the time-consuming need to manually enter card or contact details.
When asked about preferred features in a payment service, almost half of the respondents (48%) rated ease of use as the top priority, while 20% valued speed the most – two further aims of Open Banking products.
The growing use of this technology is partly driven by fintechs like Swedish-based Trustly, which has recently collaborated with various companies to expand access to Pay by Bank.
This strategy appears effective, as Trustly reports a notable rise in brand awareness over recent years. Data from 2019 to 2024 shows that nearly 45% of Swedes are now familiar with or have actively used Trustly’s products.
Johan Tjärnberg, Group CEO of Trustly said: “It has been fascinating to see the ways in which payment behaviours and preferences have continued to evolve among Swedes this year.”
“The shortcomings noted by respondents in current online payment systems and the attributes they prioritise signal that there is still significant room for growth for Pay by Bank solutions in Sweden. The strong awareness of Trustly among Swedes is encouraging as we aim to further strengthen our presence in our home market.”
