The Riksbank demands quicker digital payments in Sweden while reinforcing cash as a safeguard.
Sweden’s central bank has warned new legislation could be introduced if banks fail to expand instant payment services for individuals and businesses
In its Payments Report 2026, published earlier this week, Sveriges Riksbank said banks providing regular account-to-account (A2A) payments via internet banking should also enable customers to make instant transfers.
“The Riksbank expects the market to have started offering such services, or to have communicated a plan to do so in the near future,” the report stated, with a target set for March 2027.
The bank said expanding instant payments is essential for fostering innovation, strengthening competition, and supporting payment services based on Swedish and European infrastructure.
If the market fails to implement changes, the Riksbank suggested legislation similar to the EU’s Instant Payments in Euro Regulation (IPIE) could be introduced, tailored to Swedish conditions.
The IPIE, launched 9 October 2025, requires banks to make credit transfers almost instantly, 24/7.
Limited progress prompts Riksbank warning
The call comes after slow progress on instant payment offerings through RIX-INST, the country’s central bank payment system.
Although technical conditions for instant payments have existed since November 2024, the bank said banks and other participants “have no clear plans to offer its customers more types of instant payments… in the near future.”
While initiatives such as Bankgirot’s continuous clearing system may improve efficiency, they do not allow consumers to send or receive transfers instantly or outside normal banking hours. The Riksbank therefore urged banks to develop services which enable instant payments at all times, including evenings and weekends.
According to the report, broader adoption of instant payments could improve market efficiency by reducing the need for clearing intermediaries and helping companies better manage liquidity.
The Riksbank also stressed instant payment services must manage risks, integrating real-time fraud prevention and full compliance with anti-money laundering regulations, pointing to examples such as Swish’s Verification of Payee feature.
Sweden’s dual future for payments
Sweden, like many of the Scandinavian countries, are regarded as pioneers in digital payments. This focus on these methods has impacted cash usage, with cash accounting for just 4% of in-store transactions, according to Worldpay’s Global Payments Report 2025.
However, in recent months the Riksbank has started encouraging households to maintain access to cash alongside digital options.
In guidance issued ahead of its Payments Report 2026, the central bank recommended adults keep around SEK 1,000 ($108) in cash at home, highlighting the importance of payment preparedness.
“The current international situation and Sweden’s high degree of digitalisation may lead to vulnerabilities in the payments system,” the Riksbank said. “Having access to different payment methods improves the public’s ability to make payments in the event of temporary disruptions, crises and, in the worst case, war.”
The guidance also urges households to hold multiple forms of payment, including cards from different networks, mobile payment services and offline-capable cards which can be used if internet connectivity is lost.
This approach follows earlier recommendations from May 2025, when the Riksbank backed proposals requiring essential service providers, including supermarkets and healthcare, to accept cash.
“People should always be able to pay for food, healthcare and medicines both digitally and with cash,” said Erik Thedéen, Governor of the Riksbank.
