• Sweden's news in English
 
app_header_v3

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.

Story continues below…

“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
Two historic shipwrecks found right in central Stockholm
Divers looking for a ship in central Stockholm. Photo: Anders P Näsberg/Statens maritima museer

Another two shipwrecks dating back to at least the 1600s have been found in central Stockholm.

Migrants cling to trucks in bid to reach Sweden
Two HH Ferries meet in the water between Helsingør and Helsingborg. Photo: Johan Nilsson/TT

Growing numbers of asylum seekers are trying to get to Sweden from Denmark by clinging to trucks, a ferry company has warned.

Swedes want answers from Russia after Nato warning
Russian T-14 Armata tanks make their way to Red Square during a rehearsal for the Victory Day military parade in May. Photo: Alexander Zemlianichenko/AP

What exactly does Russia's foreign minister mean when he says his country will "take action" if Sweden joins Nato?

Alicia Vikander scoops lead role in new Tomb Raider
Alicia Vikander poses at the Scandinavian terrace during the 68th Cannes film festival last May. Photo: Jean Christophe Magnenet/AFP

The next Lara Croft will be a Swede.

Brussels terror suspect wants jail time in Sweden
Osama Krayem. Photo: Facebook

Osama Krayem wants to come home if found guilty.

The Local Recipes
How to make Sweden's famous veal burgers
Photo: John Duxbury

These mouth-watering burgers, or Wallenbergare, are a classic at Swedish restaurants. Food writer John Duxbury shares his recipe with The Local.

Russia's foreign minister warns Sweden off Nato
Russian Foreign Minister Sergey Lavrov. Photo: Ivan Sekretarev/TT

Sergey Lavrov also blamed Sweden for a breakdown in relations between the countries in an interview with newspaper Dagens Nyheter.

Eurovision 2016
Swedes create world's first crowdsourced singing voice
Screenshot from the 'Sound of Europe' video by Tele2.

Can tech, connectivity and Eurovision help the world unite?

Swedish Electrolux sees profits more than double
Electrolux CEO Jonas Samuelson. Photo: Janerik Henriksson/TT

It comes after a troublesome start to the year.

Border checks
Sweden set to keep ID checks over summer
ID checks at Copenhagen airport's Kastrup train station. Photo: Johan Nilsson/TT

Swedish politicians have proposed changing the law to avoid a two-week gap to ID checks on public transport into Sweden this summer.

Sponsored Article
Kista: The best office space in Sweden?
Analysis & Opinion
Why Sweden's fretting about Brexit
Sponsored Article
Why international researchers love to call Malmö home
National
INTERVIEW: Swedish police officer 'beat me up and used racial slurs'
Gallery
People-watching: April 27th
Blog updates

22 April

Editor’s blog, April 22nd (The Local Sweden) »

"Hello, Sweden had another royal baby this week, when Princess Sofia gave birth to her and…" READ »

 

18 April

A day as a guard (The Diplomatic Dispatch) »

"Life as an Ambassador. Driven around in the Jaguar. Visits all planned so you go straight…" READ »

 
 
 
Sponsored Article
‘Life in Stockholm’s suburbs is better than people realize’
National
Öresund bridge border checks net record number of drink drivers
Sponsored Article
Supplemental education: the key to integration
National
Swedes bid farewell to iconic Volvo
Gallery
Property of the week: Enköping
Gallery
People-watching: April 22nd-24th
Sponsored Article
'A sustainable Sweden must embrace diversity'
Politics
Could Brits in Europe stop Brexit?
Sponsored Article
What's the best way for expats to transfer money abroad?
National
The first official picture of Sweden's new royal Prince Alexander
National
Sweden's Sami reindeer still live in the shadow of Chernobyl
Sponsored Article
Sigtunaskolan: 'The best of what Sweden has to offer'
Finest
Gallery
People-watching: April 20th
Sponsored Article
How to launch your international career
National
Why was a Nazi flag hoisted in a Swedish town on Hitler's birthday?
National
How did Sweden's deputy PM get in trouble over New York comments?
Sponsored Article
Becoming an expat: where to start
Finest
Gallery
People-watching: April 16th-17th
Sponsored Article
'I may work at a Swedish company, but we’re global'
Culture
Sweden finally axes historic dancing ban
Sponsored Article
The Inner Circle: Stockholm's secret dating scene
International
Have you phoned Sweden yet?
Sponsored Article
'Swedes must realize only soft power can defeat radicalism'
Finest
Gallery
People-watching: April 13th
National
Is booze going up in Sweden?
National
How Sweden's fake 'smombie' traffic sign is being used for real
Culture
Sweden's Tarzan drops trousers
Finest
Gallery
People-watching: April 9th-10th
Sport
Zlatan wants to be new 'Rambo'
National
Swedes in a huff about giant TV penis
3,244
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