Sweden’s central bank is focusing on enhancing the ability to make offline payments by card, aiming to boost resilience amid geopolitical tensions and the ongoing conflict involving Russian forces in Ukraine.
The current capability for making offline payments in Sweden is limited, and contactless or mobile wallet payments are not functional during internet outages. Riksbank governor Erik Thedéen underscored the urgency of creating a payments market that can withstand disruptions. He stated, “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.” The Riksbank is prioritizing improvements to offline card payment options, with plans to implement a solution by July 1, 2026. Thedéen also urged the public to enhance their payment preparedness by maintaining both physical payment cards and cash on hand, encouraging regular use of these methods.
He emphasized the importance of cash not only for contingency planning but also for individuals who prefer not to engage with digital services. The Riksbank supports legislative measures to uphold the availability of cash, following proposals put forth by a government-sponsored inquiry at the end of the previous year.
Thedéen added, “To secure the cash infrastructure in Sweden and ensure that cash continues to function as a means of payment, the Riksdag and Government should introduce a cash obligation for the sale of essential goods and enact measures to protect the entire cash chain. We also believe it is worth considering a maximum limit for cash purchases to hinder the criminal economy.”