In 2012, a cooperation between six of the biggest banks in Sweden led to the launching of a new mobile app, Swish, that offered easy and fast transfers between different persons’ bank accounts. Soon after, the app was developed further to allow merchants to receive payments from their customers.
The Swish app has been a huge success in Sweden. All that is needed to be able to use the app is a smartphone and a mobile banking identification, which the customers can obtain from their online bank portal.
More than 67,5 million Swedes use the app and the number keeps growing. When putting this in relation to a population of 10 million Swedes it becomes more evident how popular this payment method really is. More than 50 million payments are completed via the Swish app every month.
Swish offers a high level of security with no risk of fraud or default, real-time confirmation of payment authorization and possibility of immediate shipping of goods.