Alternative Payment Solution: Swish
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 -
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