Sweden Acts to Secure Offline Payment Systems Amid Rising Security Concerns

Sweden, facing increased security risks, aims to develop offline payment systems allowing cash or card use during crises. The Riksbank collaborates with the private sector, targeting an operational card system by July. With cash use declining, authorities fear the vulnerability of current systems to cyberattacks and disasters.

Sweden must enhance its payment systems to enable offline transactions via cards or cash, especially during crises, the Riksbank stated on Monday.

In response to Sweden's worsening security landscape, the Riksbank, collaborating with private entities, plans to implement a robust offline card payment system by July. This move addresses concerns over the growing reliance on digital payments and cash scarcity prompted by banks reducing cash services.

Survey findings show only 10% of Swedes used cash recently, heightening fears of system vulnerability to cyber threats or disasters. The Riksbank urges legislation for essential businesses to accept cash and bolster financial cybersecurity. Citizens are also advised to maintain cash reserves and multiple bank cards.