The Nordic countries, particularly Sweden and Norway have long been a pioneer in digital innovation and fintech revolution. This is transforming how people handle money both in everyday transactions and in industries like online casinos. Sweden’s journey toward digital payments is remarkable. As of 2025, cash transactions account for merely 10% of all purchases with card payments and mobile solutions like Swish dominating the market. Swish processes over 10 million transactions daily, underscoring the widespread adoption of digital payments.
Norway mirrors this trend with its own mobile payment solution Vipps, which has seen widespread adoption. Today, 82% of all payments in Norway are digital (Norges Bank, 2024), placing it alongside Sweden at the forefront of the global move toward cashless economies.
The fintech landscape in these countries continues to evolve rapidly. In February 2025, Nordic fintech companies ‘Two’ and ‘Avarda’ announced a strategic partnership to enhance B2B and B2C payment solutions, catering to the booming e-commerce market, which is projected to reach $41.95 billion in revenue by the same year.
However, despite the advantages of digital transactions, recent geopolitical tensions have prompted Sweden and Norway to reassess their cashless strategies. Concerns over cybersecurity and digital infrastructure vulnerabilities have led authorities to advocate for retaining cash as a backup during crises. In March 2025, Swedish authorities encouraged citizens to keep cash reserves, emphasizing the importance of a balanced approach between digital innovation and national security.
Looking ahead, Norway remains committed to its ambitious goal of phasing out cash entirely, aiming to become one of the most cashless societies in the world. The region is poised to maintain its global leadership in fintech and digital payments with over 90% of Scandinavians actively using online banking and government policies favouring digital transactions
Big Players in Fintech niche
Nordic fintech companies are driving innovation in digital payments, with several major players leading the industry. One of the biggest names in Sweden is Swish, an instant payment giant launched in 2012 by major Swedish banks. Today, it is used by 8.5 million Swedes out of a total population of 10.5 million. Initially designed for peer-to-peer transactions, Swish now has expanded into e-commerce and gaming. Nordic fintech has played a crucial role in enhancing the online casino experience, particularly for nytt casino platforms. With instant deposits and fast withdrawals, Swish has become a preferred payment method for Swedish players, allowing them to fund their casino accounts seamlessly without lengthy processing times.
One of the most notable developments is Swish’s expansion across the EU, allowing Swedish players to use the popular payment service at international online casinos. This move enhances accessibility and convenience, reinforcing Sweden’s position as a leader in cashless transactions.
In Norway, Vipps dominates the mobile payment market, with 90% of Norwegian adults using the app. In 2024, Vipps introduced cryptocurrency payment options for select merchants to further expand its reach. In Norway new laws under discussion may shake gambling monopoly and permit foreign-licensed casinos to integrate Vipps as a payment method, breaking the long-standing dominance of state-run operators. If approved, this change would provide Norwegian players with greater access to international gaming platforms while maintaining secure and regulated transactions.
Another big player is Sweden’s Klarna. It has revolutionized the Buy Now, Pay Later (BNPL) space and is now valued at $45 billion, making it Europe’s largest fintech unicorn. While traditionally focused on retail, Klarna is currently testing a “Pay Now” feature for real-money gaming in licensed markets, opening new possibilities in the online gambling sector.
Another major player in FinTech space is Trustly, which specializes in online casino payments. This Swedish fintech company has become the go-to solution for direct bank transfers in Scandinavian online casinos. In 2023 alone, Trustly processed €50 billion in iGaming transactions, cementing its position as a leader in secure, fast, and efficient digital payments. Trustly’s newly implemented AI-powered fraud detection system has already demonstrated a 40% reduction in chargebacks, helping operators prevent fraudulent transactions and ensuring a safer experience for both players and casinos.
Impact on Online Casinos
The rise of digital payment methods has significantly transformed the online casino industry, making banking faster, safer and smarter. Players now expect seamless, secure and instant transactions, prompting online casinos to integrate these cutting-edge financial solutions. This convenience has fuelled the growth of online gambling platforms, with Sweden reporting an impressive e-commerce penetration rate of 73% by 2024.
However, this shift toward cashless gambling also brings challenges. Studies suggest that the ease of digital transactions can lead to increased spending and potential gambling-related harm due to the abstraction of money. In response, Sweden has strengthened its gambling regulations, proposing amendments to the Gambling Act that require operators to decline all credit-based payments. This move aims to mitigate the risks associated with digital gambling while promoting responsible gaming practices.
Instant deposits and withdrawals are now standard with Swish and Vipps enabling transactions in under 10 seconds. Trustly processes withdrawals within 1-3 hours which is much faster than traditional bank cards taking 3-5 days. Security has also improved, with BankID integration ensuring fraud-proof logins, as 95% of Swedes use this system for authentication. Additionally, since no card details are stored the risk of hacking is significantly reduced.
On the regulatory front, stricter Know Your Customer (KYC) procedures have been implemented, leveraging national digital IDs like Norway’s BankID for enhanced compliance. These measures also support responsible gambling by enforcing automatic spending limits. Meanwhile, the adoption of crypto and blockchain technology is gaining momentum. In 2024, Norwegian casinos began accepting Bitcoin via Vipps, while Sweden’s e-krona (CBDC) pilot, set to roll out by 2026, could reshape how players fund their casino accounts.
The Future
The future of Nordic fintech is looking for groundbreaking advancements. By 2025, Sweden’s e-krona could introduce anonymous digital cash for gaming, providing a balance between privacy and regulatory compliance. Meanwhile, biometric payments, such as face and fingerprint recognition, may replace traditional logins for services like Vipps and Swish.
Sweden and Norway are not just adapting to the cashless future but actively building it. For online casinos, this shift means frictionless banking, tighter security and an improved player experience. While challenges such as regulatory hurdles and privacy concerns persist, one thing is clear: Nordic fintech is setting the gold standard for digital payments not only in gaming but across the entire financial ecosystem.