Sweden’s Riksbank as well as key representatives from the payment market have reportedly reached an agreement in order to increase the possibility to make offline card payments for essential goods. According to the latest update from the Riksbank, the agreement is considered to be a vital step in the ongoing work to further strengthen Sweden’s payment readiness and boost resilience to disruptions in the digital payments ecosystem.
According to the update from Sweden’s Riksbank, the goal now is for the measures to be in place “no later than 1 July 2026.”
Governor Erik Thedéen explained that in Sweden, they “pay digitally to a large degree and the use of cash is low.”
They added that the general public being able to pay by card for example for food and medicines “even in the event of a serious breakdown in data communication, that is offline, is a milestone in their efforts to strengthen emergency preparedness.”
The agreement describes the measures that participants in Swedish card payments – card issuers, card networks, card acquirers, the retail sector and the Riksbank – will now aim to “implement to increase the possibility of offline payments by card. For instance, financial agents will adapt their regulatory frameworks, and the retail trade will introduce technological solutions.”
The Riksbank is now said to be leading this initiative and is responsible for assessing monitoring its ongoing implementation.
Erik Thedéen claimed that they are pleased that all participants involved are taking responsibility for strengthening Sweden’s payment readiness.
They also mentioned that some are covered “by the Riksbank’s regulations, but far from all.” Thedéen further noted that tThey regard the fact that so many are nevertheless “choosing to contribute as very positive for Sweden’s overall civil preparedness.”
As stated in the update, the online function shall apply to physical payment cards and accompanying PIN code “when purchasing essential goods such as food, medicine and fuel.”
The Riksbank has confirmed that it will continue its work on enabling offline payments for other payment methods after July 1, 2026.
In another recent update, it was noted that the Riksbank supports the Ministry of Finance‘s proposal to establish a function for operational crisis management in the financial sector – and “the proposal that the Riksbank should lead this work.”
The Riksbank said that it also considers that the proposal will contribute to clarifying the “division of responsibilities” between the Riksbank’s role regarding payments in “peacetime crises” and heightened preparedness and Finansinspektionen‘s responsibility as the sectoral authority responsible for financial services.
This reduces the risk of overlapping “cooperation structures in operational crisis management.”
