With one scheme in place and another pending, growth of 34% YOY and adoption across banks and merchants, Sweden is a developing IP market with high growth potential — and as with all the Nordics, P27 should accelerate this even further.

Its current IP platform, BIR, enables users to make direct transfers between bank accounts in real time. Launched by Bankgirot, the Swedish payments clearing system, and operating 24/7/365, it provides transaction settlement within 15 seconds for both P2P and C2B payments.

BIR offers an open infrastructure through APIs, enabling banks and non-bank payment providers to access the platform and build new services by integrating with the network. Swish was the first payments app to be integrated to the system in December 2012. The app enables users to make P2P and C2B transfers using a mobile number associated with their current account.



  • Consumers
  • Banks
  • Merchants
  • Billers



Population banking level


Number of debit, credit and charge cards per adult


Index to global average


Fully banked

Key statistics


IP launch year

Immediate payments types

Single instance

Initiation & authorization

Bank account, mobile number, QR code

ISO 20022

Message standard









% of adults who have a mobile wallet and have used it in the past year

Share of volumes by payments instrument



Spend (USD)

  • Paper-based payments
  • Electronic payments
  • Immediate payments

Immediate payments volume and its share in overall non-paper-based transactions, 2014-24f

% of total electronic payments transaction volume


Mobile wallet usage has more than tripled among Swedish adults since 2014. Since the Swish mobile wallet allows for IP, this has likely played a significant role in the 34% YOY growth Sweden’s IP market has seen.

Additionally, Swedish banks have been involved in the development of the P27 Nordic Payments Platform. With an expected launch in 2021, the platform aims to provide an integrated, cross-border payments system for individuals in the region — a goal which will certainly facilitate IP growth. Concurrently, the https://go.aciworldwide.com/Global-Payments-Report-level adoption of SCT Inst is in the nascent stage in Sweden, as only Handelsbanken has joined the scheme as of January 2020. But the addition of new participants in the future is also anticipated to have a large impact.

The aforementioned launch of P27 should only further propel IP expansion in the coming years, with growth continuing throughout the next five years.

If Swedish billers adopt IP capabilities, expanding the ecosystem and providing additional use cases, growth should be even more aggressive than current forecasts.

ACI’s take

Sweden has been a leading light of payments innovation, even within the Nordics, so it’s not surprising to see that the very first phase of P27 payments modernization focuses on Swedish kronor. Sweden has perhaps the richest digital ecosystem of its neighbors, so the benefits of infrastructure simplification will be keenly felt and release resources for further innovative service development. This is particularly important in a market with such an appetite for seamless payments.

P27 will provide the fully banked (but digitally hungry) population the ability to transact freely and instantly across the Nordic borders without the complexity of currency conversion. Therein lies the biggest innovation opportunity that will transpose existing transactions onto the IP rails.

Electronic invoices, which enable consumers to pay via bank account or with alternative payments like Klarna, are very common in Sweden. Leveraging digital overlay services such as Request to Pay (R2P) would enable scaling of electronic invoicing and further improve the customer experience. R2P would be a natural evolution for Sweden; historical trends indicate that digital overlay services would see smooth adoption by consumers and merchants.


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