Sweden's Strategic Move: Offline Card Payments by 2026
Sweden plans to implement an offline card payment system by mid-2026, reducing reliance on online banking. The Riksbank's initiative comes amid growing concerns about potential disruptions. The system aims to ensure Swedes can purchase essentials like food and medicine without internet access. Nordic neighbors are also adopting similar measures.
Sweden's central bank, the Riksbank, announced plans to launch a nationwide offline card payment system by mid-2026. This initiative aims to counteract vulnerabilities in the current internet-dependent payment framework and ensure citizens' ability to pay for essential goods during online banking disruptions.
Currently, cash use in Sweden is rare, increasing the risk of complications should the digital payment system face technical issues or sabotage. The offline payment system will enable physical card transactions using PIN codes without the need for internet connectivity, the Riksbank confirmed in a statement.
"Ensuring the public can make essential purchases like food and medicines offline marks a significant step in strengthening our emergency preparedness," stated Riksbank Governor Erik Thedeen. The move aligns with efforts in Finland, Norway, Denmark, and Estonia, which are also developing offline card systems to protect against potential internet disruptions.
(With inputs from agencies.)
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