Payment Methods in Sweden: Top Choices for Online Merchants

Payment Methods in Sweden

Sweden is one of the most digitally mature markets in Europe. With nearly universal smartphone penetration and widespread use of mobile banking tools like BankID, Swedish consumers expect fast, secure, and seamless online checkout experiences. For e-commerce merchants aiming to sell in this fully digitalised society, offering the right mix of trusted local and international payment options is key. In this guide, we explore Sweden’s top payment methods, highlight the growing role of open banking, and show how Noda simplifies payments in this mobile-first market.

Most Popular Payment Methods in Sweden

Swedish shoppers are highly tech-savvy and favour digital payments that are instant, user-friendly, and secure. The most common methods include local mobile solutions, flexible pay-later services, and cards. Swish and Klarna dominate the local scene, but open banking and digital wallets like Apple Pay and Google Pay are gaining ground, especially among younger demographics. Merchants that align their checkout options with Swedish consumer expectations can significantly reduce cart abandonment and improve conversions.

Top 7 Payment Methods in Sweden

1. Swish

Swish is Sweden’s most popular payment method, with almost the entire adult population using it on a daily basis. Developed by the country’s major banks and the Central Bank, Swish allows users to make real-time payments using just a mobile number and BankID authentication.

According to Statista, Swish was used by more than nine million Swedes in total, as of February 2025. Roughly 8.9 million accounts were private, while around 318,000 were business accounts.

Originally designed for peer-to-peer transfers, it’s now widely used in e-commerce and even by businesses and public institutions. For merchants, Swish offers instant settlement, extremely high trust levels, and a familiar interface for local shoppers. The fees for merchants are rather low, ranging from flat 1-3 SEK per transaction when accessed through local banks to 1% + 3 SEK or more when using a third-party PSP like Stripe. That is why smaller and mid-sized international merchants targeting customers in Sweden may consider other payment methods for their payment gateways.

2. Klarna

A global pioneer in Buy Now, Pay Later (BNPL), Klarna actually hails from Sweden. As a Swedish fintech giant, Klarna is naturally a top payment choice for local consumers. Klarna offers flexible options like pay now, pay later, and instalment payment plans – making it ideal for higher-ticket purchases. Klarna’s frictionless experience, strong consumer protection, and widespread brand recognition make it one of the key checkout options. As of December 2024, nearly half (47.2%) of Swedish online stores offer Klarna at their checkout, so Swedish shoppers are highly familiar with it and expect to see it offered at the checkout. Despite that, Klarna is one of the most expensive options for merchants to consider, with average transaction fees around 3-6%, due to the high cost of realising the instalment plans.

3. Cards (Visa and Mastercard)

Debit and credit cards are still widely used in Sweden, especially for subscriptions and recurring payments. Most Swedish cards are debit cards connected to BankID. Visa and Mastercard dominate, while American Express is less common. Despite the rise of mobile wallets, cards remain a key payment method for Swedish customers. However, merchants should factor in high processing fees (1.5%-3.5% on average) and the risk of chargebacks.

4. Digital Wallets (Apple Pay and Google Pay)

Digital wallets are growing rapidly as one of the payment options in Sweden, particularly among younger consumers. Apple Pay is supported by most Swedish banks and enables quick payments with Face ID or Touch ID. Google Pay offers a similar experience for Android users. These wallets are typically linked to cards but offer improved speed, convenience, and security. Their adoption continues to rise as more Swedes shop via mobile devices, however, they usually incur higher transaction fees similarly to cards.

5. PayPal

PayPal remains a popular choice for cross-border e-commerce. It appeals to shoppers looking for buyer protection and simplicity when shopping from international sites. While less common for domestic transactions, PayPal is often used for global purchases and continues to be a valuable option for merchants with international customer, however, pricy average fees which often exceed 3% may dissuade smaller and mid-sized businesses from including it at their checkout.

6. MobilePay

Originally launched in Denmark, MobilePay is now available in Sweden via the Vipps MobilePay group. It enables mobile-based payments and is gaining traction among Nordic consumers seeking a unified payment solution across borders. Though it has a smaller footprint in Sweden compared to Denmark, its adoption is rising, especially for regional merchants targeting multiple markets.

7. Open Banking
Open banking is quickly becoming one of the best payment methods in Sweden, offering a modern alternative to cards and other traditional options. By letting shoppers pay directly from their bank accounts, it removes the need for card networks entirely. This helps merchants cut costs, boost security, and benefit from instant settlement.

Sweden has embraced this model early, thanks to a strong digital infrastructure and widespread use of tools like BankID. As a result, open banking is now one of the most efficient and trusted online payment methods in Sweden, especially for businesses looking for solutions that are significantly cheaper compared to cards, and avoid chargebacks.

The Rise of Open Banking in Sweden

Open banking is changing the way businesses are accepting payments in Europe, and Sweden is leading the charge. By letting customers pay directly from their bank accounts, open banking removes the need for card networks, helping to cut transaction costs while boosting security and speeding up settlement times. Thanks to the EU's PSD2 rules, Swedish banks are required to give licensed third-party providers access to account data through APIs, as long as the customer agrees. It’s a setup that promotes innovation while keeping data protection and user control front and centre.

Sweden got on board with PSD2 early and has become one of Europe’s most advanced open banking markets, just behind the UK and Germany. With nearly every household connected to the internet, and the population highly familiar with online banking and novelty solutions (like Swish), it’s no surprise that pay-by-bank options are catching on quickly.

As trust grows and the regulations stay supportive, more Swedish businesses are turning to pay-by-bank solutions to cut payment fees, speed up refunds, and avoid chargebacks altogether. This is especially useful in industries like retail, travel and subscriptions, where transaction volume is high or profit margins are tight, making open banking the best choice out of the payment methods available in Sweden.

Companies like Noda are making the most of this shift by offering modern open banking tools. Their platform allows instant, secure and low-cost payments straight from bank accounts, cutting out the middlemen and helping businesses earn more per sale.

Find out more about Open Banking in Sweden.

How to Choose a Payment Gateway in Sweden?

If you are wondering how to accept payments in Sweden and you want to succeed in the country’s e-commerce space, your payment gateway needs to support both local and international methods. Swish, Klarna, and card payments like Visa and Mastercard are important for Swedish customers and help meet local expectations. However, Noda offers something more by prioritising open banking. With Noda, merchants gain direct access to Swedish banks and 2000+ banks in 28 other European markets, enabling instant, secure, and low-cost pay-by-bank payments across borders.

This makes Noda an ideal solution for businesses selling both locally and internationally. Alongside open banking, Noda also supports cards and digital wallets, providing a full range of payment options. By combining familiar local methods with Noda’s broader capabilities, merchants can reduce fees, speed up settlement, and offer a seamless checkout experience that boosts conversion and growth.

Introducing Noda as Your Payment Gateway in Sweden

Noda provides a unified payments platform built to meet the demands of the Swedish market. Benefits include:

• Full coverage – Connect to major Swedish banks like Swedbank, Handelsbanken and others, and 2000+ banks in 28 countries in Europe and beyond, and accept payments in SEK, EUR and more currencies.
• Bank integrations – Pay-by-bank options via open banking with instant settlement and no intermediaries.
• Ultra-low fees – Transaction costs starting at 0.1%, increasing your margin.
• Plug-and-play – Ready-made plugins for WooCommerce, OpenCart, Magento, Prestashop and more and a comprehensive API for custom integrations.
• Instant payment links – Start collecting payments without a website or any coding.
• Mobile-first experience – Designed for Sweden’s smartphone-first audience with full card and digital wallet support.
• No chargebacks – Reduce fraud risk with secure open banking transactions.

Book Your Free Demo – Discover how Noda can help you localise your payments and scale across Sweden.