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Alternative Payment Solution: Swish

Alternative Payment Solution: Swish

Summary

Swish is a Swedish mobile payment solution launched in 2012. It is one of the leading P2P payment solutions in Europe with 6.2 million users. Initially launched as a P2P payment service, it was extended to allow merchants to accept payments for online and offline purchases.

The solution enables users to make real-time P2P transfers from their mobile phone using the recipient’s number. To transfer funds both sender and recipient need to have a bank account with one of 10 participating banks, and must link their mobile number with their bank account. The solution also allows consumer-to-business (C2B) transfers, enabling customers to transfer money to offline merchants using their unique Swish number. Users can also pay merchants by scanning QR codes available at partner merchant stores with the Swish app.

In addition to P2P and instore payments, Swish allows online payments for purchases on webstores and merchant apps. Users simply select Swish as a payment method at checkout and enter their mobile number. The payment details are then displayed on the customer’s Swish app, and are approved using Mobile BankID.

The report provides information and insights into alternative payment solution Swish, including -

  • Detailed insight into its business and geographical presence
  • Comprehensive coverage of its products and services
  • Comparative assessment with key alternative payment solutions
  • Information on its performance, including its revenue model
  • The company's important events and milestones.
Scope
  • In December 2012, Swish was launched by consortium of six major banks in Sweden.
  • Swish allows individual users to transfer money to other Swish users using the recipient’s mobile number.
  • Swish allows its users to make online and in-app payments using their mobile phone.
  • In May 2017, Swish launched QR code payments for both consumers and merchants.
Reasons to buy
  • Gain insights into Swish's business operations, and key events.
  • Gain insights into its product portfolio and revenue model.
  • Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.


Overview
Historic Milestones
Benchmarking
Revenue Model
Products & Services
Significant Events
Supporting Banks
Appendix

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