Gaming Market Insights Series #16: The take-off of mobile payment and cryptocurrency in Sweden
The invention of smartphones in the last decade has made wireless connectivity ubiquitous, thus promoting mobile payment to a new height. Sweden is among the great examples of how mobile devices and mobile payments have become integral to people’s daily lives.
Smartphones have become nearly ubiquitous in this Nordic country. It is estimated that 96% of Internet users own at least a smartphone. Sweden has the highest smart device penetration with every man, woman and child owning on average 1.5 smart devices (including mobile, tablet, phablet).
Sweden also stands tall as one of the most efficient retail-payment markets in the world largely thanks to the innovation wave in the country’s financial technology sector. Players from adjacent industries are trying to capitalize on this market, with several retailers even developing their own solutions.
Cryptocurrency spark
Universally cash is an important payment method, however Sweden is in sharp contrast as cash in circulation is quite small and cash withdrawals in Sweden are decreasing rapidly, thus the cashless society has turned relatively eminent.
Officials of Sweden’s central bank, Riksbank, have begun discussions which might lead to the country rolling out digital currency. Such currency could over time replace traditional banknotes and coins in the country’s financial system.
Riksbank will first investigate whether there is a need for digital currency in the Swedish economy. The central bank will also assess the implications of digital currency on the stability of its economy. Moreover, Riksbank will probe into the legal, technological and policy implications of adopting a virtual currency if it is circulated as an official currency.
Though such studies might take years, Riksbank seems to have realized that the Swedish economy is ripe for a modern payment system. The deputy governor of central bank Skingsley compared the advent of cryptocurrencies to the emergence of bank notes through the invention of paper printing. Because Riksbank is the world’s oldest central bank, its move towards digital money could ignite the wave of blockchain and cryptocurrency adoption well beyond Sweden.
Future outlook
Although Riksbank and Sweden economy have not finalized their decision on which financial infrastructure and payment method are the best option to replace the country’s currency, Sweden authority is quite persistent on providing the best digital products, service as well as monetary services to reduce the conventional circulation of fiat money. With Sweden in the forefront of blockchain movement on global scale, undoubtedly blockchain will thrive at an unprecedented pace in the future.
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The report is prepared by CARDANO Labo — the leading blockchain research and development startup focusing on blockchain-empowered gaming and entertainment services. We are keen on bringing this technology to a broader audience where people will have better access and opportunities to enjoy their lives through unprecedented technical solutions.
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