• Sweden's news in English
 

New app lets Swedes transfer cash via mobile

The Local · 19 Dec 2012, 15:28

Published: 19 Dec 2012 15:28 GMT+01:00

“Imagine you want to sell a bike,” Danske Bank spokesman Erik Kristow told The Local.

“But you don’t want to hand it over until you see the money. Well, I could simply ‘Swish’ you the amount with my phone, you could see it enter your account in real time. Then I could cycle off with my new bike.”

Swish, a mobile payment service launched last week, is even a world first according to Head of Channels at Danske Bank, Daniel Wahlstrom.

"This is unique because of the collaboration of the banks, and the fact that the money is instantly transferred from one bank account to the other,” he said.

"Many of the other systems around the world rely on a credit card platform, whereas Swish works via your own salary account, and you can see the transaction as soon as it's happened."

The app was developed in collaboration between the six largest banks in Sweden: Danske Bank, Handelsbanken, Länsförsäkringar Bank, Nordea, SEB and Swedbank, their biggest cooperation in 50 years.

According to Nordea spokesman Ragnar Roos, Swish thrives in person-to-person transactions where an exact cash figure is needed.

“People have smaller amounts of money to transfer and often don’t want to use cash. Swish is more useful than cash, especially in situations where you find yourself splitting the bill at dinner, for example," he told The Local.

“It’s not a service for shops, it’s strictly between people. It even works for transactions on sites like Blocket,” he said, referring to the popular Swedish buy-sell site.

Users simply need to connect their mobile number with their internet banking service, and then download the Swish service to their phones using Mobile Bank-ID.

And tech-hungry Swedes have already answered the call.

According to Kristow, the app has been downloaded over 40,000 times since its release earlier this month, a figure he admits has exceeded the banks' expectations.

“Consumers in Sweden are eager to adapt to new technology and mobile use is growing rapidly. All these banks have apps for mobile banking, so the usage is increasing quite rapidly," he said.

"Internet use is high too, and the market is ready for an alternative to cash and credit cards.”

Kristow added that the unique benefit of the service is the practical advantage of seeing the money transferred in real time.

So does Swish take Sweden one step closer to a cashless society?

“Perhaps,” Kristow laughs.

“Soon you’ll only need your wallet for your business card. And maybe a credit card or two.”

Swish walk-through video, in Swedish

Oliver Gee

Follow Oliver on Twitter here

Related links:

The Local (news@thelocal.se)

Your comments about this article

16:42 December 19, 2012 by princeally
but this way is already exist in a country like kenya, they call it m-pesa, is not exactly like this, since they don't use app, instead you use your number, to send and to recieve, money. check it here. http://en.wikipedia.org/wiki/M-Pesa
21:41 December 19, 2012 by wathithi
This is jätte hilarious,KENYA started using this apps many years ago ,first it was on fon 2 fon,BUT for the last 4 years its works with the banks also and millions of kenyan and other EAST AFRICANS can attest to this,SORRY SWEDEN,you came in late in this!.

Some experts from spain and Netherlands had to travel to kenya and learn more about it ,thus they introduced it to their countries.

Furthermore its so advanced now such that you can move your money from bank to bank and from one mobile fon to another persons bank account ,pay bills, get loans,get airtime credit on loan to pay later etc.

BRAVO KENYA!, BRAVO AFRICA.
06:26 December 20, 2012 by gnhundu
Dear Mr Kristow,

As my friends in #1 and #2 have said this technology has been in use in Africa for a long time. M-pesa has been available in Kenya for at least a decade. In Southern Africa, it has been available in Namibia, South Africa and Zimbabwe!

The basis of the system is that sometimes people in these Africa countries are poor and unbanked, and the system thrives in such economies hence you find it works in countries like Zimbabwe. To a certain extent, you confirm it here too ""People have smaller amounts of money to transfer and often don't want to use cash." In the African countries like Zimbabwe, its not a question of wanting to use cash but that the cash is just not available.

The system has also thrived because the mobile phone as a technology is probably the most widespread means of technology in poorer economies and the penetration ratios are high...

Just thought i would put my tewo cents worth.....
07:28 December 20, 2012 by damaros
Bravo Namibia Bravo Africa
08:45 December 20, 2012 by smilingjack
in australia we have the 4 major. 4 large banks which dominate making - on avergae $5-$10 billion a year in profits. That $35 - $70 billion kr - per year. each! we get stung with fees the rest of the wold wouldnt accept.

their latest trick to make cash was to remove atm's from airports. cant have people getting access to their money.

cant see them embracing technology like this.

good news though. australia is to get an eticket system similar to swedens for public transport soon. wow. no phone app though.
Today's headlines
Julian Assange
Sweden and Ecuador set to launch Assange talks
WikiLeaks founder Julian Assange. Photo: AP Photo/Kirsty Wigglesworth

Sweden and Ecuador set to launch Assange talks

6 hours ago

Sweden is seeking to reach a deal to pave the way for prosecutors to question Julian Assange at the Ecuadorian embassy in London where the Wikileaks founder has been holed up for over three years as he fights an extradition to Sweden over rape allegations.

Stockholm bin men rescue doomed kitten
'It trembled like a leaf'. Photo: Bekir Mercil/Private

Stockholm bin men rescue doomed kitten

4 hours ago

Stockholm waste collector Bekir Mercil and his two colleagues were on Friday hailed heroes of the day after they saved a terrified kitten who had fallen into a garbage truck, stuck in tonnes of food waste headed for the incinerator.

Trio in court over attack on Swedish serial rapist
Umeå held a demonstration against sexual violence toward women when Lindgren was released in July. Photo: John Gunseum/TT

Trio in court over attack on Swedish serial rapist

10 hours ago

UPDATED: Three men have been remanded in custody over a weekend golf club attack on one of Sweden's most notorious serial rapists who was released from prison earlier this month.

Swedes debate capital's first Airbnb rent ‘ban’
The apartment is located in Stockholm's trendy Södermalm neighbourhood. Photo: Christine Olsson/TT

Swedes debate capital's first Airbnb rent ‘ban’

1 day ago

UPDATED: A landmark ruling banning a woman in Stockholm from renting out her apartment via the home-sharing website Airbnb after a rent tribunal likened the letting with running a "hotel business" on the premises has sparked debate in Sweden.

Text messages to warn Swedes of terror attacks
Swedish Interior Minister Anders Ygeman. Photo: Bertil Ericson/TT

Text messages to warn Swedes of terror attacks

11 hours ago

The Swedish government wants to step up its fight against terror with a new strategy that includes warning civilians to stay away from certain geographical areas via text message.

Champions League
Zlatan breaks internet in Malmö rush for tickets
Former Malmö player Zlatan Ibrahimovic. Photo: Audun Braastad/NTB scanpix/TT

Zlatan breaks internet in Malmö rush for tickets

13 hours ago

The excitement in Malmö knew no limits after its football champions were drawn in the same Champions League group as Sweden's star striker Zlatan Ibrahimovic's Paris Saint-Germain.

Migrant crisis
Were human smugglers on board boat of death?
The Swedish coastguard ship reaching the port of Palermo. Photo: Kustbevakningen

Were human smugglers on board boat of death?

14 hours ago

Swedish officials suspect that people involved in human smuggling were on board a migrant boat rescued by the coastguard's ship off the Libyan coast in a catastrophe that claimed 52 lives.

Abba piano to raise money, money, money
Actors perform on the Abba piano at Sotheby's Auction House. Photo: AP Photo/Frank Augstein

Abba piano to raise money, money, money

15 hours ago

The piano that featured on many of Swedish pop legends Abba's greatest hits is going under the hammer next month in London, said auctioneers Sotheby's.

The Local Recipes
How to make Swedish blueberry compote
It's the perfect time to pick your own blueberries in Sweden. Photo: TT

How to make Swedish blueberry compote

15 hours ago

August is blueberry season in Sweden. Whether you pick your own or buy in bulk from the supermarket, don't miss John Duxbury's favourite recipe for creating this delicious compote, perfect with toast, yoghurt, pancakes or waffles.

Smuggling Swede busted using fake leg casts
The man had made sure he could move his knees. Photo: Erhan Güner/TT

Smuggling Swede busted using fake leg casts

1 day ago

A 49-year-old Swede sealed his own fate after trying to smuggle drugs in fake leg casts – and then getting caught when he tried to run while wearing them. A Dubai court has now sentenced him to ten years in jail.

RECEIVE OUR NEWSLETTER AND ALERTS

National
This Swedish teen was told she was 'too big' to be a model
Lifestyle
Six reasons to stay outdoors this week
Gallery
People-watching: August 26th
Sponsored Article
Nine places where Stockholm needs more English
National
Rescued baby lemur gets new Stockholm home
Blog updates

28 August

Editor’s blog, August 28th (The Local Sweden) »

"Hello readers, It was all glitz and glamour in Sweden this week as Stockholm’s Fashion Week got..." READ »

 

18 August

Preteritum eller presens perfekt? (The Swedish Teacher) »

"Hello everyone, It’s grammar time ! I got an interesting question about the past tense vs present..." READ »

 
 
 
National
Stockholm Fashion Week turns island into Mars
Sponsored Article
'It gives you the guts to believe in yourself'
Gallery
Property of the week: Stora Essingen, Stockholm
National
Swedish crayfish thieves caught red handed by officers
National
Veil soon to be lifted on new Millennium sequel novel
Gallery
People-watching: August 21st - 22nd
Cecilia Larsson Lantz/imagebank.sweden.se
Presented by Stockholm Academic Forum
International students welcomed to Stockholm
National
The Bridge: What does the third season have in store?
National
Lucky escape for Swedes after 'dead' bear launches attack
National
Syrian asylum seeker comic: 'We don't prefer Sweden any more'
National
Are anti-immigration nationalists really now Sweden's biggest party?
Lifestyle
Baby joy for Swedish crime queen and her wrestler boyfriend
National
Soldier accused of faking first Isis attack in Sweden
National
Fire alert as Sweden sizzles in summer heatwave
Gallery
People-watching: August 19th
National
Meet the Swede who is crazy for Norway’s mass killer
National
Swede's review of night in drunk tank goes viral
National
VIDEO: Swedish teen melts hearts with this incredible Idol audition
Society
What's a Swedish crayfish party?
National
UN: Sweden can't be left to shoulder migrant crisis alone
Gallery
Property of the week: Skogås, Huddinge
National
Men outstrip women for first time
Society
IN PICTURES: Wooden town resembles 'war zone' after huge fire
Gallery
People-watching: August 14th-16th
Sport
Swedish referee shuts viral Facebook page explaining his decisions
Business & Money
A studio in Stockholm or a castle in the countryside?
National
How did twelve skeletons end up beneath a Swedish castle?
Pharmacy to launch plasters for darker skin in anti racism drive
Gallery
People-watching: August 12th
National
TIMELINE: Everything you need to know about the Julian Assange case
National
Millennium sequel author labelled 'grave robber'
National
Two metre long python stops traffic in Malmö
National
IN PICTURES: Shoppers pay tribute to Ikea stabbing victims
Technology
Danish 'monster' pulled out of Swedish waters
National
Bizarre baby baptism for hockey fan
Gallery
Property of the week: Löderup, Ystad
National
Sunshine brightens up Sweden
Gallery
People-watching: August 7th-9th
National
Shocking video sheds light on Swedish 'anti-gay discrimination'
Sponsored Article
Getting pregnant the Swedish way
Lifestyle
Five great music festivals in Sweden
Sponsored Article
Outsourcing drives Apreel's Europe growth
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

3,217
jobs available
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
psdmedia.se