The service works through a smartphone application, through which the users' phone numbers are connected to their bank accounts, and which makes it possible to transfer money in real time, a few seconds until confirmation is received by both parties.[2] The user must have a second mobile application called Mobilt BankID Säkerhetsapp, which is an electronic identification issued by several banks in Sweden. This requires that the user has a bank account in a Swedish bank participating in the system, and also a national ID number. Users who have a Swedish bank account but no suitable phone can register for reception only of payments. The phone number can be of another country. The actual transfer is done by the Bankgirot clearing system, which developed instant payments for the Swish system.[citation needed]
Swish was originally intended for transactions between individuals, but soon it started to be used for flea markets and collections at church services,[5] and by sports clubs and other organisations as payment at small events where a credit card reader would be too expensive or otherwise impractical. Small companies who wished to avoid credit card charges and simplify online payments soon followed suit. In 2014 organisations could register for receiving payments, although some organisations used a private bank account of someone in the organisation before that. In January 2017 Swish was launched for web based sales which quickly became popular, for example used by the train operator SJ.[6] It is possible to pay by scanning a QR code.
Prior to the implementation of Swish, cash was the primary means for many of these types of real-time transactions. As such, Swish is used for transactions that used to be mostly cash-based.[7]
The service is free for private users since the start 2012. Companies and registered organisations pay around 1–3 SEK (depending on bank) per received payment in addition to a small yearly fee, and are not allowed to charge the customer for their Swish fee. Since Swish has a near monopoly on instant phone payments in Sweden, banks must set fees independently to ensure competitive pricing. Since the minimum Swish payment (currently 1 SEK but depends on the bank) may be lower than the fee, an organisation may lose money if many small Swish payments are made to it.[8] In some cases of media attention towards such cases banks have donated their Swish profit to the organisations.
The lower age limit has by several banks been removed for Swish and card usage, as part of the plans from banks to remove cash usage.[9] There are limitations for children below 16, such as max 2000 kr per day for Swish.
^"FinTech – increasingly rapid interaction between financial operations and technological innovation" (PDF). Financial Stability 1/2017. Sveriges Riksbank. 24 May 2017. pp. 45–48. Retrieved 15 March 2018.
^"Swish". Swish (in Swedish). Retrieved 13 Jul 2022.
^Liman, Love; Magnusson, Niklas (15 May 2017). "In Cashless Sweden, Even God Now Takes Collection Via an App". Bloomberg. Retrieved 15 March 2018.
^4 miljoner betalningar på ett år – Swish en succé för SJ 2018-03-28
^Dyrt för föreningar att använda Swish; Translation:"It may be expensive for non-profit organisations to use Swish", Aftonbladet 2017-06-14 (In Swedish)
swish, payment, swish, swedish, pronunciation, swɪʂː, svɪʂː, mobile, payment, system, sweden, service, launched, 2012, large, swedish, banks, cooperation, with, bankgirot, central, bank, sweden, million, users, july, 2022, total, swedish, population, million, . Swish Swedish pronunciation swɪʂː or svɪʂː is a mobile payment system in Sweden The service was launched in 2012 by six large Swedish banks 1 2 in cooperation with Bankgirot and the Central Bank of Sweden 3 It had 8 million users as of July 2022 total Swedish population 10 2 million 4 Swish is a member of the European Mobile Payment Systems Association SwishType of siteMobile paymentArea servedSwedenURLwww wbr swish wbr nuLaunched2012Native client s oniOS Android Windows PhoneThe service works through a smartphone application through which the users phone numbers are connected to their bank accounts and which makes it possible to transfer money in real time a few seconds until confirmation is received by both parties 2 The user must have a second mobile application called Mobilt BankID Sakerhetsapp which is an electronic identification issued by several banks in Sweden This requires that the user has a bank account in a Swedish bank participating in the system and also a national ID number Users who have a Swedish bank account but no suitable phone can register for reception only of payments The phone number can be of another country The actual transfer is done by the Bankgirot clearing system which developed instant payments for the Swish system citation needed Swish was originally intended for transactions between individuals but soon it started to be used for flea markets and collections at church services 5 and by sports clubs and other organisations as payment at small events where a credit card reader would be too expensive or otherwise impractical Small companies who wished to avoid credit card charges and simplify online payments soon followed suit In 2014 organisations could register for receiving payments although some organisations used a private bank account of someone in the organisation before that In January 2017 Swish was launched for web based sales which quickly became popular for example used by the train operator SJ 6 It is possible to pay by scanning a QR code Prior to the implementation of Swish cash was the primary means for many of these types of real time transactions As such Swish is used for transactions that used to be mostly cash based 7 The service is free for private users since the start 2012 Companies and registered organisations pay around 1 3 SEK depending on bank per received payment in addition to a small yearly fee and are not allowed to charge the customer for their Swish fee Since Swish has a near monopoly on instant phone payments in Sweden banks must set fees independently to ensure competitive pricing Since the minimum Swish payment currently 1 SEK but depends on the bank may be lower than the fee an organisation may lose money if many small Swish payments are made to it 8 In some cases of media attention towards such cases banks have donated their Swish profit to the organisations The lower age limit has by several banks been removed for Swish and card usage as part of the plans from banks to remove cash usage 9 There are limitations for children below 16 such as max 2000 kr per day for Swish See also editMobilePay PayPal Single Euro Payments Area SEPA Venmo VippsReferences edit Swish Betala enklare Swish in Swedish Retrieved 2018 04 02 a b Swish Nationalencyklopedin FinTech increasingly rapid interaction between financial operations and technological innovation PDF Financial Stability 1 2017 Sveriges Riksbank 24 May 2017 pp 45 48 Retrieved 15 March 2018 Swish Swish in Swedish Retrieved 13 Jul 2022 Liman Love Magnusson Niklas 15 May 2017 In Cashless Sweden Even God Now Takes Collection Via an App Bloomberg Retrieved 15 March 2018 4 miljoner betalningar pa ett ar Swish en succe for SJ 2018 03 28 Do we need an e krona PDF Stefan Ingves the Riksbank 8 Dec 2017 Dyrt for foreningar att anvanda Swish Translation It may be expensive for non profit organisations to use Swish Aftonbladet 2017 06 14 In Swedish Nu kan alla swisha oavsett alderExternal links editOfficial website Retrieved from https en wikipedia org w index php title Swish payment amp oldid 1187621207, wikipedia, wiki, book, books, library,
