Swedish central bank's Ingves – central bank should maintain role in payment system

STOCKHOLM: Sweden's central bank needs to retain its role in the payment system as people use less and less cash and transactions become increasingly digitalized, Riksbank Governor Stefan Ingves said on Monday.

"We risk finding ourselves in a situation in which the payment market is completely dominated by private players with no public alternative," Ingves said in a speech published by the central bank.

"Incorrectly handled, this could lead to monopoly situations, which are difficult to manage, and socio-economic inefficiency."