Sweden’s central bank, the Riksbank, has advised all citizens to obtain at least two payment cards from different banks amid rising global security concerns. In a joint article published in Dagens Nyheter, Riksbank Governor Erik Thedéen and Deputy Governor Aino Bunge highlighted the importance of maintaining payment resilience in an increasingly uncertain geopolitical environment.
Digital resilience in focus
Due to Sweden’s high degree of digitalization, the Riksbank emphasizes the necessity for a robust digital payment system capable of functioning despite disruptions. Currently, card payments in Sweden can be processed offline, but this capability is limited.
“The offline function is programmed into the physical card’s chip, meaning that contactless payments or mobile payments aren’t possible without internet connectivity,” Thedéen and Bunge explained.
To ensure financial preparedness, the Riksbank recommends that Swedish citizens carry physical cards and remember their PIN codes, ensuring payments remain feasible even if digital systems fail.
Cash remains essential
The Riksbank also stresses the ongoing need to maintain cash as a backup payment method. Citizens are advised to keep at home enough cash to cover a week’s worth of essential purchases, including food, medicine, and fuel. Currently, Sweden’s cash infrastructure is vulnerable, primarily because only one company, Loomis, manages nationwide cash transportation.
The central bank urges regular cash use, stating: “Use cash periodically. Retailers and banks need to see sustained demand to continue accepting it.” Furthermore, the Riksbank calls on Sweden’s Parliament to legislate protections for the cash supply chain.
Three key recommendations
In the upcoming Payment Report, scheduled for release on Monday, the Riksbank outlines three critical steps to secure Sweden’s payment systems:
- Banks and payment networks must ensure offline card payments are feasible for essential goods by July 1, 2026.
- The Government and Parliament should mandate cash acceptance for essential goods and introduce laws to safeguard the entire cash-handling chain.
- Citizens must proactively manage their own payment readiness.
With these recommendations, the Riksbank aims to enhance Sweden’s financial resilience amid ongoing global uncertainty.
