The latest advancements in the payments industry will further complement high online payment preferences

Report reveals key factors driving contactless payments in Sweden. Source: unsplash.com

GlobalData found that increased contactless limits and a change in consumer attitudes will drive contactless usage in Sweden.

Along with that, contactless payments will see a sharp rise in usage in Sweden, although the overall decline in consumer spending will lead to payment companies’ losses.

According to the statistics, travel and accommodation accounted for 21% of the country’s total debit card transaction value.

Nevertheless, the fact that consumers moving away from cash expected to bring total card transaction value rise at a CAGR of 2.1% by 2023, compared to 2.7% before the pandemic.

We’ve reported that nearly half of Germans are currently using cards more often than cash. This shift is apparent in common for all age groups, but especially for middle-aged people.

SEE ALSO:

• Money Heist in real life: 5 largest cash heists in US history
• Which countries use polymer banknotes
• Ehsaas Emergency Cash program: how to receive cash assistance