Sweden has been driving towards a cashless economy and has used Bank ID, a personal identification app, the second most downloaded app listed to do so.Data published by Deloitte suggested that 71% of Swedes used a payment service on their mobile compared to 62% using online banking methods in 2017. Total transaction value for digital payments is expected to reach $38bn in 2022 and has a projected CAGR of 16.27% from 2022 -2027.
WealthTech apps accounted for five out of the top ten most downloaded apps listed and the PayTech sector accounted for four.Swish dominates Swedish app stores, consistently ranks top in the finance category although app downloads peaked in 2017 with 1.5m downloads and has dropped at a compound annual growth rate (CAGR) of -10.53% from 2017 -2021. This equates to roughly three in five Swedes having used the app (Swedish population is 10.35m). Swish, a mobile payment platform, was the most downloaded Swedish FinTech app in the first half of 2022 with 484k downloads and has been downloaded 6.8m times in total as of 8th August 2022.
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