The payments network was initially developed for private transactions between individuals, but has evolved to cater for businesses and e-commerce platforms. 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. Swish is a mobile payments system launched in 2012 by six of the country’s largest banks – Danske Bank, Handelsbanken, Länsförsäkringar, Nordea, SEB and Swedbank – emerging from a working group of the Swedish Bankers Association.Ī number of other institutions are also now part of the network, including Skandia, Sparbanken Syd and ICA Banken. 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. 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. 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. Sweden has led the way in the wider Nordic region’s digital transformation in payments, with a national economic infrastructure that has made significant advances towards becoming a cashless society. 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. Here we take a closer look at the app-based payments tool. Swish has been a driving force behind Sweden’s digital payments revolution, which has pushed the country ever closer to becoming a cashless society. Swish enables instant payments between individuals and firms (Credit: Swish)

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

Swish keygen