Swedish Central Bank Governor Calls for Alternatives to US Credit Card Giants

December 20, 2025 9:45am 09:45

Swedish Central Bank Governor Erik Thedéen warns of the country’s reliance on US credit card firms and advocates for European or domestic payment alternatives to strengthen financial sovereignty.

Key details

• Erik Thedéen expresses concern over Sweden’s dependence on American credit card companies Visa and Mastercard.
• He suggests developing alternative payment systems such as the Swedish mobile payment service Swish.
• Denmark’s national credit card system is cited as a successful example of financial independence.
• Thedéen highlights the need for Sweden to rethink economic ties with the US due to the changing geopolitical climate.

Erik Thedéen, Governor of the Swedish Central Bank (Riksbanken), has voiced concerns about Sweden's economic dependence on American credit card companies Visa and Mastercard. In a recent interview on Ekot’s Saturday program, Thedéen urged Sweden to consider developing domestic or European alternatives to these dominant payment systems to ensure greater financial sovereignty. He stressed that while the US has traditionally been seen as a dependable military and economic ally, the evolving geopolitical landscape necessitates rethinking Sweden's reliance on foreign payment providers.

Thedéen highlighted Sweden’s mobile payment service Swish as a promising option and noted that neighboring Denmark has already established its own national credit card system. Though acknowledging that the current payment infrastructure functions effectively, he emphasized the strategic importance of reducing dependence on non-European companies to safeguard Sweden’s economic independence.

This call reflects a broader sentiment in Sweden to explore more localized and secure financial solutions amid global political uncertainties. Thedéen’s remarks underscore the need for Sweden to proactively develop alternative payment methods, thereby strengthening its financial autonomy in the face of external pressures.

This article was synthesized and translated from native language sources to provide English-speaking readers with local perspectives.