Payment services cheaper and more profitable for the banks

Banks incur costs to provide payment services, including labour and IT systems. In recent years, digitalisation has significantly reduced banks' costs for payment services. For example, digitalisation has reduced the cost of providing cash services by 80 per cent, or SEK 2.7 billion, in 2021 compared to 2009. This can be explained partly by the declining use of cash and banks are offering fewer and fewer cash services.

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