Sweden Paves Way for Offline Payment Revolution
Sweden's central bank, in collaboration with payment companies, plans to implement an offline payment card system by mid-2026. This initiative aims to ensure Swedes can continue purchasing essential goods during internet disruptions. The project highlights growing concerns over reliance on digital networks for critical transactions.
In a significant move, Sweden's central bank announced plans to collaborate with payment companies to establish an offline card payment system by mid-2026. This initiative is designed to ensure citizens can still access essential goods in the event of an internet outage.
The Riksbank emphasized that this step marks a milestone in strengthening emergency preparedness. Governor Erik Thedeen highlighted the importance of allowing Swedes to pay for necessities such as food and medicine, even if online payment systems face disruptions.
Neighboring countries like Finland, Norway, Denmark, and Estonia are also introducing similar offline payment systems. Visa, supporting this initiative, noted that such solutions have proven effective during connectivity disruptions in Europe. The system aims to meet public expectations for safe and reliable payment methods.
(With inputs from agencies.)
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