• Sweden edition
 
New app lets Swedes transfer cash via mobile

New app lets Swedes transfer cash via mobile

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

Don't miss...X
Left Right

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
Property of the Week
In Pictures: The Local's Property of the Week
Photo: Fastighetsbyrån

In Pictures: The Local's Property of the Week

Why settle for owning a house when you can own part of the island it is located on? This week's property allows you to get your money's worth of solitude while spending some time with your closest neighbour - the sea. READ  

Saab buys Swedish submarine shipyard
File photo: TT

Saab buys Swedish submarine shipyard

Swedish defence and aeronautics group Saab said Tuesday it had completed the acquisition of German heavy industry giant ThyssenKrupp's submarine shipyard in southern Sweden. READ  

My Swedish Career
American aims to beat cancer with invention
Matthew Volsky holding the Gynocoular colposcope which is used for screening cervical cancer. Photo: Gynocoular

American aims to beat cancer with invention

When Matthew Volsky first came to Sweden he didn't think he would stick around. Six years and a pioneering invention later he tells The Local about the medical device which is helping save lives around the world. READ  

Opinion
'The Danish narrative on Sweden is based on a lie'
File photo: Shutterstock

'The Danish narrative on Sweden is based on a lie'

There is a popular narrative that in Sweden people bite their tongues while in Denmark they speak their minds; political commentator Brian Esbensen debunks this, arguing that Danes simply find it easier to criticize others. READ  

Swedish cops elect not to shoot 'angry elks'

Swedish cops elect not to shoot 'angry elks'

After reports that wandering elks were scaring the public, police on the island of Frösön have decided not to open fire on the animals, but have urged locals to exercise caution instead. READ  

Swedish funds to tackle female genital mutilation
Sweden's Minister of International Development Cooperation Hillevi Engström with Foreign Minister Carl Bildt. File photo: TT

Swedish funds to tackle female genital mutilation

Sweden has earmarked 48 million kronor ($7 million) of its development aid budget to a United Nations programme to tackle female genital mutilation. READ  

Swedish leaders speak out on Gaza crisis
Photo: TT

Swedish leaders speak out on Gaza crisis

Swedish foreign minister Carl Bildt believes Israel is interested in negotiating a ceasefire with Hamas while Social Democrat leader Stefan Löfven has stood by his comment about the Israelis having a right to defend itself. READ  

New rules threaten micro-breweries
File photo: Systembolaget

New rules threaten micro-breweries

Swedish micro-breweries have reacted with concern to new distribution regulations being imposed by the state controlled alcohol monopoly Systembolaget, which they fear may put them out of business. READ  

ABB and Volvo in electric buses tie-up
Volvo hybrid bus. Photo: Volvo Buses

ABB and Volvo in electric buses tie-up

Swiss-Swedish engineering group ABB and Volvo Buses of Sweden have announced a joint project to develop a system for electric buses to recharge their batteries fast when at bus stops. READ  

'First ever' heat warning issued for Sweden
Photo: TT

'First ever' heat warning issued for Sweden

Swedish weather agency SMHI has issued its first ever warning for high temperatures with the many areas set to bask in plus 30C heat. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Gallery
People-watching Båstad
Business & Money
Sweden falls to third in global innovation index
Society
Swedish ornithologists keep webcam watch
Photo: Andreas Nordström/Image Bank Sweden
Gallery
Top ten Swedish beach hot spots
Tech
Swedish Wiki vet sets new content record
Blog updates

22 July

PROTECTING GIRLS FROM ABUSE OF THEIR RIGHTS (The Diplomatic Dispatch) »

"Today (22 July) my Prime Minister, David Cameron, and UNICEF, are hosting the world’s first #GirlSummit in London. The Summit’s aim is to mobilise domestic and international efforts to end the appalling practices of Female Genital Mutilation (FGM) and Child Early Forced Marriage (CEFM). This is a high priority for the UK government and the Prime..." READ »

 

18 July

Starting over (Around Sweden in a kayak) »

" I’ve now been off the water for almost 14 days. At first I was totally gutted being forced into a rest period, I had Stockholm in my sights and apart from the pain and discomfort in my shoulder, spirits were high and I was starting to gain some momentum. The news hit me fairly hard and..." READ »

 
 
 
Photo: Fastighetsbyrån
Lifestyle
In Pictures: The Local's Property of the Week
Photo: Finest.se
Gallery
People-watching July 15-16
Photo: Ola Ericson/Image Bank Sweden
Society
What's On in Sweden
Photo: Lisa Mikulski
National
Hope springs eternal for expat pet shop owner
Gallery
Princess Estelle steals limelight at mum's birthday
National
Swedes risk infants' lives by covering up prams
National
Swede runs for office just using Bitcoin funds
Gallery
People-watching July 11-13
National
Malmö mayor slams Danish beggar ban
National
Swedish anti-abortion midwife sues county
National
Swede's salary chopped for Facebook use
National
Northern Sweden warmest in 90 years
Gallery
'Victoria Day': Crown Princess Victoria turns 37
Politics
Mona Sahlin to fight extremism in Sweden
National
EU tells Sweden to cover up snus flavours
Society
Swede snags assassin role in Tom Cruise film
Lifestyle
Top ten ways to spend a few days in Malmö
Gallery
Swedish summer tourism highlights
Sponsored Article
Introducing... Your finances in Stockholm
Sponsored Article
Introducing... Housing in Stockholm
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

699
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com
If you want to drink, that’s your business.
If you want to stop, we can help.

Learn more about English-language Alcoholics Anonymous in Sweden. No dues. No fees. Confidentiality assured.
AA-EUROPE.ORG/SWEDEN
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:
http://psdmedia.se