Feb 19, 2021

What the future of payments will look like – Swish

Mobile ownership and telecommunications technologies are driving the digital economy forward and the demand for real-time payments is accelerating. The payments landscape has gone through a significant transformation in recent years where technological advancements have led to step changes in innovation. However, the demand seems to have always been the same. That is that payment systems should have two main features – 1) to be fast and 2) easy to be used massively.

Our friends at Swish have cracked the code and integrated these two elements in the best way, so we pulled the team at Swish for a chat to hear more about the background of Swish and how they look upon the future.

First, some background:

Swish is a mobile payment system in Sweden. Their service was launched in 2012 by six large Swedish banks, including infrastructure like Bankgirot and Swedish Mobile BankID. The service allows you to send money to friends, companies, and organizations using your mobile phone. It’s perfect for splitting a check at a restaurant, paying for your bus ticket, or for sending a gift to charity. With  7.5 million private users Swish is also a member and founder of the European Mobile Payment Systems Association.

But how did it all start?

‘’Once upon a time, though not so long ago, there was a country high up in Northern Europe where people tried to pay for their share of the joint dinner. It was tedious for the poor citizens who really wanted to live a little more spontaneously and southern-like – where someone could take the whole bill without making a scene having to count coins or running to the nearest ATM. That was the birth of an idea that came to be a natural part of more than seven million Swedes’ everyday lives…Swish!’ say Swish executives.

‘’Today Swish has 12 participating banks offering the service of real-time payments to the market. With 7,5 million private users and more than 270 000 merchants offering Swish as a payment method, Swish is one of the most recommended brands and loved services in Sweden. 

Swedes don’t pay – they Swish! Offering real-time, secure, and straightforward payments that can easily be customized to different innovative customer journeys is Swish’s mission. Soon also enabling real-time, secure, and simple payouts!  ‘’- explain Swish executives.

Swish is a company that doesn’t operate alone. Dominance in the domestic market has made it the favorite of its loyal and satisfied users, but it has also helped the brand to establish important business collaborations and partnerships.

The team at Swish share with us more details:

‘’Our company and our solutions are built to provide a platform and infrastructure for instant payments. When you access our API’s (with an agreement with your bank) an entire world of different applicable customer journeys opens up. No matter if you want to offer pure online payments or self-service consumer apps.

Being a partner is all about innovating on our platform, accessing exclusive news and updates connected to the services, and building the future if payments. ‘’

The pandemic and health emergencies that the world is going through certainly underscored the need for innovation and new techniques that facilitate daily life and the provision of services and material goods.

So for Swish the desire and demand for innovation are continuous.

”Just like Epicenter, we see our company as a platform for innovation, connecting with brilliant minds and creating the future together! ” – say, Swish executives.

Want to know more?
Reach out to Swish here: https://www.linkedin.com/company/getswish

In the picture: Sofia Norén, Communication & Growth Manager at Swish

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