• 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.

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.

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
Sweden Democrats score record poll support
Sweden Democrat leader, Jimmie Åkesson. Photo: Björn Lindgren / TT

Sweden Democrats score record poll support

1 minute ago

UPDATED: The anti-immigration Sweden Democrat party has polled 19.9 percent, the group's highest-ever projected share of the electoral vote in a survey by Statistics Sweden.

Lights go out as huge power cut hits capital
Sturegallerian shopping centre in Östermalm, which was affected by the power problems. Photo: Claudio Bresciani/TT

Lights go out as huge power cut hits capital

2 minutes ago

UPDATED: Around 8000 energy customers in central Stockholm were without power for two hours on Tuesday afternoon following a technical failure.

Stockholm ranked top Nordic student city
A student at Stockholm University Library. Photo: Anders Wiklund/TT

Stockholm ranked top Nordic student city

1 hour ago

Sweden's capital is the best city in the Nordics for students, according to a major global ranking that also placed it sixth overall in Europe.

Refugee crisis
Refugees to be moved from Sweden by EU
Refugees in Malmö, southern Sweden, last month. Photo: Drago Prvulovic/TT

Refugees to be moved from Sweden by EU

3 hours ago

Sweden will soon benefit from a "relocation" programme for some of its asylum seekers, the European Commissioner of Migration Dimitris Avramopoulos has said.

Presented by American Express
Top seven US cities for a Swedish getaway
Photo: Bert Kaufmann/Flickr

Top seven US cities for a Swedish getaway

3 hours ago

Sometimes you’ve just got to get away – like over-the-Atlantic-Ocean-away. Luckily, this spring SAS is kicking off new direct lines to the US. Here are the top destinations – straight from Stockholm.

Swedish clinic gives out penis tape measures
Safe sex products on sale in Stockholm. Photo: Jonas Ekströmer/TT

Swedish clinic gives out penis tape measures

4 hours ago

UPDATED: Special measuring tapes are being handed out to young men in Stockholm by a clinic trying to get them to practise safer sex.

Swede awaits gnome theft spree ruling
Some garden gnomes unassociated with the thefts. Photo: Pixabay

Swede awaits gnome theft spree ruling

4 hours ago

A woman in her 50s is awaiting sentencing after she was accused of stealing garden gnomes, pot plants, and a computer on a five day thieving binge.

Presented by Saco
'Educated immigrants get stuck in limbo in Sweden'
Photo: Henrik Trygg/imagebank.sweden.se

'Educated immigrants get stuck in limbo in Sweden'

5 hours ago

Countless degree holders who move to Sweden struggle to get their credentials recognized and find work. The Local speaks to a Swedish union group trying to change that.

Nearly half of Swedes 'worried' about terror
Emergency services in Paris following the attacks last month. Photo: Jerome Delay/TT/AP

Nearly half of Swedes 'worried' about terror

6 hours ago

Fear of a terror attack taking place in Sweden has risen sharply, with 46 per cent of people polled saying they are concerned, up from 34 percent in January.

'Health can get a boost from climate policy'
The researchers want a climate policy that encourages people to eat less meat. Photo: Heiko Junge/NTB scanpix/TT

'Health can get a boost from climate policy'

7 hours ago

Sweden's government has promised to create one of the world’s first fossil fuel-free welfare states and, if it succeeds, there will be huge gains for public health, argue three Swedish medical and environmental experts as the COP21 conference continues in Paris.

IN PICTURES: Storm Gorm rips through southern Sweden
Could this Nordic Noir writer pen Sweden's next Eurovision win?
Sponsored Article
Stockholm's secret ski resort: Kungsberget
Sponsored Article
Luleå: 8 winter must-dos in Sweden's far north
Property of the week: Nyköping
Blog updates

27 November

Editor’s blog, November 27th (The Local Sweden) »

"Hello readers, A decision by Sweden this week to impose new – much stricter than before –..." READ »


25 November

So What Does An Ambassador Do? (The Diplomatic Dispatch) »

"I know that my mum is super proud that I’m an Ambassador. But if you asked..." READ »

Sponsored Article
The quickest route to UK Eurobonus destinations
People-watching: November 28th-29th
Sponsored Article
11 reasons students pick Stockholm University
Sponsored Article
After Paris: 'The war is not only against Isis'
POLL: Swedes back new asylum rules
Sponsored Article
How Stockholm solved a startup’s housing crisis
Five weirdest Christmas attacks on Sweden's famous straw goat
Sponsored Article
Swedish researchers find Ice Age 'missing link'
Five myths about Sweden's refugees
Sponsored Article
Lofsdalen: The real Swedish wilderness
How did this missing Swedish cat turn up in southern France?
Sponsored Article
Beaches, bikes, and buds: studying in Malmö
Would you eat this Swedish pizza?
Sponsored Article
Sweden must combat extremist 'mirage'
People-watching: November 25th
Sponsored Article
How to figure out healthcare abroad
What do Swedes want for Christmas?
Ola Ericson/imagebank.sweden.se
Sponsored Article
Stockholm: the new epicentre of global leadership
GUIDE: How to help refugees if you live in Sweden
Mystery ice circle in Swedish river
IN PICTURES: New royal winter snaps of Sweden's Princess Estelle
Property of the week: Kungsholmen, Stockholm
Stockholm film festival's top movies
Susanne Walström/imagebank.sweden.se
Sponsored Article
‘Food choices in Sweden destroy forests in Asia’
People-watching: November 20th-22nd
Swedish King calls for bathtub ban
Analysis & Opinion
Why you should care about Sweden raising its terror threat level
Sponsored Article
The cheapest and fastest way to transfer money
Stockholm's best international bars
Is this the best warning sign ever?
Why are more Swedes getting fat?
Sweden's tribute to Paris victims
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: