Sweden's central bank is working to improve the possibility of making offline payments by card to strengthen resilience at a time of geopolitical unease and the advance of Russian troops in Ukraine.
The possibility to pay offline in Sweden when the Internet is down is currently limited and does not work at all for contactless and mobile wallet payments.
“In light of the deteriorating security situation in Sweden and our neighbouring region, both public and private actors need to urgently step up their efforts to create a payments market that can withstand disruptions," says Riksbank governor Erik Thedéen. "The Riksbank is therefore prioritising work on improving the possibility of making offline payments by card to strengthen resilience. We have brought together the relevant stakeholders and together we will have a solution in place by 1 July 2026. But we also urge the public to strengthen their own payment preparedness and to have both physical payment cards and cash available and to use these payment methods regularly,"
Cash remains an important payment option, he emphasises, not only for contingency planning reasons, but also for people who unwilling to access digital services. The Riksbank is in favour of using legislation to maintain the use of cash under proposals presented by a Government-sponsored inquiry at the end of last year.
Says Thedéen: “To secure the cash infrastructure in Sweden and for cash to continue to function as a means of payment, the Riksdag and the Government should introduce a cash obligation for the sale of essential goods and legislate on measures to protect the entire cash chain. We also believe that there is reason to consider a maximum limit for cash purchases to make it more difficult for the criminal economy."