Today, e-identification is often a requirement for accessing digital services from both public and private organisations. BankID dominates the market with over 8.5 million users, making it by far the most widely used e-ID in Sweden and the only one that can be used to identify oneself to payment service providers and authenticate (authorise) payments.

In Sweden, there is no widely accepted e-ID at the highest level of trust for private individuals, which the EU requires all member states to provide. According to EU requirements, the highest level of trust means that the e-ID must be stored in a physical object. A governmental option at this level would not only increase security, but could also increase the availability of e-IDs, as a governmental e-ID can be used as a basic identification for other e-IDs. It facilitates increased competition. A government e-ID is particularly important for people without a bank account and therefore without a BankID.

The Riksbank's consultation response to the inquiry into a secure and accessible e-ID, emphasises the importance of the private financial sector accepting the new e-ID. This is to ensure the relevance and functionality of the new e-identification in the Swedish payments system. In addition, the Riksbank emphasises that such an e-identification would be important for strengthening society's resilience in crises and heightened alert if, for example, BankID did not function.

The European Identity Wallet will serve as an e-identification, a repository for certificates and a tool for electronic signatures. Member States have until November 2026 to implement it. The requirement for a European identity wallet further reinforces the need for a secure e-identification solution in Sweden.