Here’s what businesses in Sweden have to gain from offering Swish as a mobile payment solution. It’s now used by over two thirds of the country’s population. Since the minimum Swish payment (currently 1 SEK but depends on the bank) may be lower than the fee, an organisation may lose money if many small Swish payments are made to it. Swish is a member of the European Mobile Payment Systems Association.. Swish was built within a single country with a unified and trusted payment infrastructure (BankID) and a single currency (SEK).

In today's digital society, it is possible to send information in seconds, but it can still take several days for a payment to reach its recipient. The fees are decided by each bank for the reason of not limiting price competition, considering that Swish has a near monopoly on instant phone payments in Sweden. As Sweden continues to move towards being a cashless society, the Swish mobile app has seen an explosion in popularity. Swish and Nets are trialling an in-store payment system (Credit: Nets) Nets’ merchant services senior vice-president Jan Lundequist says: “The payment experience is similar to making a contactless payment, which consumers are accustomed to – particularly in countries like Sweden with high digital penetration. We have recently upgraded our technology platform. With Swish you can transfer money via a connected mobile phone to any mobile number connected to … Swish allows you to send money to friends, companies and organizations using your mobile phone. As such, Swish is used for transactions that used to be mostly cash-based.The service is free for private users since the start 2012. Due to this change if you are seeing this message for the first time please make sure you reset your password using the Swish is at the forefront of a digital payments transformation in Sweden, with more than 6.9 million people using the mobile app to send and receive money The service works through a smartphone application, through which the user's phone number is connected to their bank account, and which makes it possible to transfer money in real time, a few seconds until confirmation is received by both parties.Swish was originally intended for transactions between individuals, but soon it started to be used for flea markets and collections at church services,Prior to the implementation of Swish, cash was the primary means for many of these types of real-time transactions. It’s perfect for splitting a check at a restaurant, paying for a bargain at a flea market or for sending a gift to charity. It had 6.5 million users as of September 2018. Moreover, cash has seen its usage decrease over the years in Sweden.

Swish enables instant payments between individuals and firms (Credit: Swish)Mobile-based payments are becoming ever more popular across Europe as technology gives consumers the ability to make purchases and money transfers on the go.Swish is a payments network at the forefront of this Swedish trend, facilitating mobile transactions between both individuals and businesses through a co-operation between some of the largest banks operating within the country.It has attracted a user base of more than two-thirds of the entire population, and has even spawned its own Swedish slang word – “swisha”, meaning to make a payment on the Swish app.It is backed by Sweden’s central bank – Sveriges Riksbank – as well as the “Bankgirot” national clearing system, which enables payments between individuals and companies on the Swish system to be made instantly.Swish is a mobile payments system launched in 2012 by six of the country’s largest banks – Danske Bank, Handelsbanken, Länsförsäkringar, A number of other institutions are also now part of the network, including Skandia, Sparbanken Syd and ICA Banken.Instant payments can be made between two parties via a mobile app connected to the user’s bank account – and tied to the “BankID Säkerhetsapp” electronic identification system used by lenders across the country.The payments network was initially developed for private transactions between individuals, but has evolved to cater for businesses and e-commerce platforms.Since its launch, Swish has gathered around 6.9 million users throughout Sweden, which is more than two-thirds of the country’s population.In 2017, it launched a QR code facility to allow users to make faster and simpler payments.More than one billion transactions have been made across the network, with about 22.5bn krona ($2.4bn) transferred on a monthly basis, according to the latest figures.This month, Swish announced a partnership with Denmark-based payments firm Nets, in which the two will collaborate to trial an in-store transaction facility.The venture will expand the potential of Swish to be used for retail purposes, as opposed to basic account-to-account transactions, It will enable Swish customers to make in-store payments with a Bluetooth module developed by Nets, which provides a “tap and pay” experience akin to contactless cards using near-field communication technology.Nets’ merchant services senior vice-president Jan Lundequist says: “The payment experience is similar to “Not only can merchants easily install the solution and accept Swish payments through their existing Nets terminals, but it’s also easy and intuitive for consumers to use.”The early stage of the pilot is being carried out in two popular restaurants in Sweden, and will be rolled out to additional merchants later in the year.If successful, the programme will facilitate improved loyalty programmes because the Bluetooth technology enables “use cases such as real-time, geo-tagged offers”. The mobile service Swish, which was introduced in 2012, makes it possible to send instant payments. Swish – The successful Swedish mobile payment platform active users and more than 1 billion SEK (€113 Million) in transaction volume, it’s can be judged as a success. Swish is the main Swedish payment app for mobile phones supported by all Swedish banks, making it one of the essential payment instruments for merchants operating in Sweden. You can also pay with Swish when shopping online or in mobile apps from companies offering Swish as a payment option. Companies and registered organisations pay around 1-3 SEK (depending on bank) per received payment in addition to a small yearly fee, and are not allowed to charge the customer for their Swish fee. According to Kantar Sifo, it is the preferred online payment method in the age group 18-40, and the payment method with the best convertion rates. Swish (Swedish pronunciation: or ) is a mobile payment system in Sweden.The service was launched in 2012 by six large Swedish banks, in cooperation with Bankgirot and the Central Bank of Sweden.