12/26/2023 0 Comments Swish in sweden![]() For companies, the app costs between 1.5 and 2 SEK ($0.16–0.22) per transaction and is a direct competitor to iZettle. In July 2014, Swish expanded its coverage to businesses. Quite quickly, small businesses started using the app as it was convenient to use and free of charge. Swish has been moving into the B2C market, challenging Swedish unicorns like Klarna, Izettle.Īt its inception, Swish was primarily used for transfers between two persons who wanted to split the bill or for paying back debt in everyday life. In a recent Wired article, Björn Ulvaeus (Former ABBA) shared his view on why a cashless society will help to fight criminals: “ Take it away and thieves have no foolproof way to sell their stolen goods, drug dealers no way to hide their deals, and eventually the whole shadow economy collapses.” However, one may argue that thugs may switch to Bitcoin or other crypto currencies for their trades.Do you want that your bank knows every transactions that you have done? I guess not. Some may argue that this may lead to privacy issues. Swedish banks have now more and more data on their users transaction habits. Privacy issue?: Today, Swedish banks have more Swish transactions than A.T.M.No one seems to miss having to withdraw cash or to carry bills and coins (Who does not have a jar full of coins and always think they will go one day to the coin machine to exchange it but never does?). $2,200 Swish is a perfect replacement of cash. Compete with cash & debit card: With an average transfer limit of c.As long as you trust BankID (the banking payment infrastructure) you are good to go. Swish has been able to offer a simple and well executed product to its users. Some have transaction fees if used with a credit card such as Vemno, some have security concerns, most of them do not offer instant transfer ( Square Cash) and some do not have an intuitive mobile app. However, none of them offer a smoother product than Swish. Companies like Paypal, Venmo, Square cash, Facebook Messenger, SnapCash or Leetchi (Owned by Crédit Mutuel Arkéa) let you send money to your family and friends via your mobile. Safe, Free, Instant and mobile first: Mobile payment is nothing new.The insane user growth reaching in less than four years 5m of users (See above graph) or equivalent to 50%+ of the Swedish population is astonishing. It may be the only example in Fintech of a successful consumer product built by a consortium of financial institutions without having a VC-backed third party coordinating the relationship. “ Has never raised VC funding and was created by a consortium of Nordic financial institutions”: This is probably one of the most interesting feature.Has never raised VC funding and was created by a consortium of Nordic financial institutions: SEB, Danske Bank, Handelsbanken, Länsförsäkringar Bank, Nordea, Swedbank and Sparbankerna.The average maximum amount restricted by banks is about SEK 20,000 ($2,200). Users can temporarily increase the amount to SEK 150,000 ($16,485) for a limited amount of time. ![]() ![]() A user only needs someone else phone number to transfer money.To use the service, one needs a smartphone, the safety solution mobile Bank ID, a Swedish bank account and the Swish app.A transfer is instant and free of charge.$890m has been exchanged through the mobile cash-transfer app since the company's inception in 2012.The app has 5m of users or equivalent to 50%+ of the Swedish population.Swish enables private individuals to quickly, simply and securely send money to other users in real time by connecting mobile phone numbers to bank accounts.
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