By Puja Sharma

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How does it work?

Swedes are embracing a major shift in the way they manage their finances, with bank payment quickly becoming the preferred method for everyday payments. According to the Sweden Country 2024 survey, conducted by Insight Intelligence in collaboration with Trustly, Adyen, Swedbank and PostNord Strålfors, more than 98% of Swedes now use direct payment solutions from major brands, signaling a clear shift away from traditional payment methods .

The survey shows that almost 40% of Swedes now use bank payment for essential expenses such as rent and bills. This growing preference for bank-linked payments speaks to the country’s growing demand for simpler, more efficient ways to manage financial transactions. With the convenience of paying directly from a bank account, consumers are opting for this seamless method rather than lengthy and complex online payment processes.

Who is under the radar?

The move away from traditional online payment systems is driven by frustration with the excessive steps involved. One in four respondents (25%) highlighted that going through multiple steps to complete an online transaction is one of the most frustrating aspects of the process. Similarly, 23% cited the need to manually enter card or contact information as a tedious and time-consuming task.

The survey results also reveal the key features that Swedes prioritize when choosing a payment solution. Nearly half of respondents (48%) consider ease of use the most important factor, followed by speed, essential for 20% of respondents. This emphasis on simplicity and efficiency aligns perfectly with the attributes of Pay by Bank services, which provide a streamlined and hassle-free transaction experience.

Johan Tjärnberg, CEO of Trustly Group, highlighted the growing awareness of the Pay by Bank method in Sweden, adding: “The shortcomings of traditional online payment systems and the features people prefer suggest that there is a lot of room for growth for Pay by Bank solutions. Trustly’s growing recognition is encouraging as we aim to strengthen our presence in our domestic market.

Why is this important now?

Trustly has seen a notable increase in brand awareness among Swedes. From 2019 to 2024, almost 45% of Swedes have become familiar with or actively used Trustly’s products, highlighting the growing acceptance of direct payment solutions in the country.

The Sweden Country 2024 survey tracks the evolution of Swedes’ payment behaviors and highlights the shift in their preferences towards more direct and efficient financial solutions. This year’s results reflect a continuing trend towards digital payment methods that offer simplicity and efficiency, with Pay by Bank solutions becoming a leader in this area.

In conclusion, the survey results point to a future in which bank payments will take center stage in the payments landscape in Sweden. As consumers demand faster, simpler and more secure ways to manage their finances, Pay by Bank is positioned to lead the pack. With growing brand awareness and adoption, the trend towards direct payment solutions is expected to continue to reshape the way Swedes manage their money in the years to come.