Paying by Bank: New Data Reveals Sweden’s Shift Towards Modern Payment Trends
A new nationwide survey conducted by research firm Insight Intelligence in partnership with Trustly, Adyen, Swedbank, and PostNord Strålfors, reveals significant changes in the payment habits of Swedes over the past decade.
The survey highlights that more than 98% of Swedes now rely on direct payment solutions from the three leading brands in the space. Pay by Bank has become a preferred method for handling everyday financial needs, with nearly four in ten Swedes (39%) using it for essentials like rent or bills.
It also uncovers ongoing frustrations with traditional online payment systems that Pay by Bank solutions can address. One in four respondents (25%) pointed out that the most frustrating aspect of online payments is the excessive number of steps required to complete a transaction. Similarly, 23% expressed dissatisfaction with having to manually input card or contact information, describing it as a time-consuming process.
In terms of desired features in a payment service, nearly half of respondents (48%) cited ease of use as the most important, while one in five (20%) prioritized speed. These findings underscore the importance of simplicity and efficiency in digital payment solutions—attributes that Pay by Bank services are well-equipped to deliver.
Trustly, a global leader in the direct payments space, has experienced a significant increase in brand awareness over the past few years. Data from 2019 to 2024 indicates that nearly 45% of Swedes are now aware of 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 behaviors 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.”
Now in its twelfth year, the Sweden Pays 2024 survey continues to track payment habits and attitudes toward payment services in Sweden, providing valuable insights into how Swedes are adapting to new financial technologies and solutions. This year’s findings highlight the increasing reliance on direct payments and point to a continued trend towards more seamless and efficient payment experiences.
