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Sweden’s central bank, Riksbank, is advancing efforts to enhance offline card payment capabilities as part of its strategy to strengthen payment resilience amid growing geopolitical tensions and security concerns, particularly with the ongoing conflict in Ukraine.
Currently, Sweden’s offline payment options are limited, with no functionality for contactless or mobile wallet transactions when internet connectivity is disrupted. Recognizing the risks, Riksbank Governor Erik Thedéen has emphasized the urgency of creating a payment system that can withstand potential disruptions.
“In light of the deteriorating security situation in Sweden and our neighboring region, both public and private stakeholders must intensify their efforts to ensure a resilient payments infrastructure,” said Thedéen. “The Riksbank is prioritizing the development of offline card payments to bolster financial stability. We have gathered key stakeholders, and together, we will implement a solution by July 1, 2026. We also urge the public to enhance their own payment preparedness by keeping both physical payment cards and cash readily available and using them regularly.”
While digital payments dominate Sweden’s financial landscape, Thedéen reaffirmed the continued importance of cash, both as a contingency tool and for individuals who prefer non-digital payment methods. To maintain cash accessibility, Riksbank supports legislative measures proposed by a government-backed inquiry last year, which aim to ensure cash remains a viable option for essential transactions.
“To safeguard Sweden’s cash infrastructure and ensure its role as a reliable payment method, the Riksdag and the Government should introduce mandatory cash acceptance for essential goods and establish legal protections for the entire cash supply chain,” Thedéen stated. “Additionally, we believe a maximum limit for cash purchases should be considered to help curb illicit financial activities.”
By strengthening offline payment solutions and reinforcing the role of cash, Sweden aims to enhance financial resilience in the face of potential crises, ensuring secure and uninterrupted transactions for its citizens.
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