• 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

Facebook Twitter Google+ reddit

“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)

Facebook Twitter Google+ reddit

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
Swedish football diehard who went viral doesn't get the fuss
Possibly the most dedicated fan in the world. Photo: Patric Söderström/TT

A picture of Gefle IF celebrating with the only fan to make a 1164km round trip to see them has gone viral. The Local spoke to the diehard in question.

Julian Assange
Sweden won't suspend Assange warrant for funeral
Assange has been in the Ecuadorian embassy in London since 2012. Photo: Alastair Grant/AP

The WikiLeaks founder has requested a temporary suspension of an arrest warrant so he could leave the Ecuadorian embassy in London for a funeral.

'I want to see women priests in the Catholic Church'
Archbishop Antje Jackelén meeting Pope Francis earlier in 2016. Photo: L'Osservatore Romano/AP

'I told the pope last year during a speech it is time to no longer speak for women about women, but to speak with women,' Sweden's Archbishop says.

Sweden one of world's easiest places to do business: report
A meeting at a Stockholm office. Photo: Simon Paulin/imagebank.sweden.se

It is easier to do business in Sweden now than it was last year, according to a World Bank report.

This Swede has built a procrastinator's dream
Anders Åberg has built a website that allows you to hear what’s going on above the Earth. Photo: Personal & NASA

Ever wondered what's going on in the sky above the earth and in space? Now you can hear for yourself.

Presented by Malmö Tourism
Seven reasons why Malmö is the football capital of Sweden
Players from FC Rosengård, Sweden's most successful women's football team. Photo: Hangsna

It’s official, and anyone who tells you otherwise is wrong.

Fake police car driver seized after confronting real police
File photo of a police car. Photo: Johan Nilsson/TT

Three men in a fake police car were left red-faced after they tried to stop a man in southern Sweden who turned out to be an off-duty officer.

This tiny bird can fly for ten months straight: scientists
The common swift while not in flight. Photo: Madis Veskimeister/Wikimedia

Swedish scientists have found that this bird stays in the air for almost a year without landing.

Why the Pope is visiting Sweden next week
Pope Francis in the Vatican. Photo: AP Photo/Alessandra Tarantino

Pope to nail reconciliation agenda to Lutherans' door in southern Sweden.

The Local Recipes
How to make no-knead sourdough bread like a Swede
No-knead sourdough bread. Photo: John Duxbury/Swedish Food

Swedes love their sourdough bread. Food writer John Duxbury shares his favourite Swedish recipe for a no-knead loaf.

Sponsored Article
Top 7 tips to help you learn Swedish
People-watching: October 26th
Sponsored Article
‘Extremism can't be defeated on the battlefield alone’
Sweden cuts 2016 refugee forecast
Is Game of Thrones coming to Sweden?
Blog updates

6 October

10 useful hjälpverb (The Swedish Teacher) »

"Hej! I think the so-called “hjalpverb” (auxiliary verbs in English) are a good way to get…" READ »


8 July

Editor’s blog, July 8th (The Local Sweden) »

"Hej readers, It has, as always, been a bizarre, serious and hilarious week in Sweden. You…" READ »

Sponsored Article
One expat's strategy for making friends in Stockholm
Property of the week: Kungsholmen, Stockholm
Sponsored Article
Nordic fashion in focus at Stockholm University
Will Swedes soon be looking for fairtrade porn?
The Local Voices
'I simply don’t believe in nationality'
Why we're convinced Game of Thrones is based on Sweden
Sponsored Article
Stockholm: creating solutions to global challenges
People-watching: October 21st-23rd
Sponsored Article
Last chance to vote absentee in the US elections
Fury at plans that 'threaten the IB's survival' in Sweden
Analysis & Opinion
Are we just going to let half the country die?
Sponsored Article
This is Malmö: Football capital of Sweden
Angry elk chases Swede up a lamp post
Sponsored Article
Where is the Swedish music industry heading?
The Local Voices
'Alienation in Sweden feels better: I find myself a stranger among scores of aliens'
People-watching: October 20th
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
The Local Voices
A layover at Qatar airport brought this Swedish-Kenyan couple together - now they're heading for marriage
Sponsored Article
Swedish for programmers: 'It changed my life'
Swede punches clown that scared his grandmother
Sponsored Article
Stockholm: creating solutions to global challenges
Fans throw flares and enter pitch in Swedish football riot
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Could Swedish blood test solve 'Making a Murderer'?
Sponsored Article
Where is the Swedish music industry heading?
Swedish school to build gender neutral changing room
Sponsored Article
One expat's strategy for making friends in Stockholm
People-watching: October 14th-16th
Sponsored Article
Nordic fashion in focus at Stockholm University
Man in Sweden assaulted by clowns with broken bottle
Nobel Prize 2016: Literature
Watch the man who discovered Bob Dylan react to his Nobel Prize win
Record numbers emigrating from Sweden
People-watching: October 12th
The Local Voices
'Swedish startups should embrace newcomers' talents - there's nothing to fear'
How far right are the Sweden Democrats?
The Local Voices
Syria's White Helmets: The Nobel Peace Prize would have meant a lot, but pulling a child from rubble is the greatest reward
jobs available