Swish

Easy, fast and secure

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In 2012, a cooperation between six of the biggest banks in Sweden led to the launching of a new mobile app, Swish, that offered easy and fast transfers between different persons’ bank accounts. Soon after, the app was developed further to allow merchants to receive payments from their customers.

The Swish app has been a huge success in Sweden. All that is needed to be able to use the app is a smartphone and a mobile banking identification, which the customers can obtain from their online bank portal.

In April 2018, over 6 million Swedes used the app and the number keeps growing. When putting this in relation to a population of 10 million Swedes it becomes more evident how popular this payment method really is. More than 24 million payments are completed via the Swish app every month.

Swish offers a high level of security with no risk of fraud or default, real-time confirmation of payment authorization and possibility of immediate shipping of goods.

Features

  • Payment method type: Internet Bank Payment (IBP)
  • Solution type: GatewayPlus
  • Presentment/Settlement currency: SEK
  • Supported Integration: Payment Page, Web Service API
  • Recurring Payments: No
  • Chargebacks: No
  • Refunds: Yes
  • Payment Confirmation: Instant

How it works

  • Customer initiates payment on the merchant’s check-out page and selects Swish.
  • Customer opens the Swish app, which is preloaded with payment information, and signs with Mobile BankID
  • Payment is authorized and customer gets a confirmation in the Swish app that the payment is complete.

Merchant Advantages

  • Provides a real-time online payment method convenient to consumers with no risk and low risk of returns for the merchant
  • Offers a local trusted payment solution that is provided by all major banks in Sweden, and helps increase sales
  • Once a payment has been initiated, it cannot be reversed by the bank
  • Consumers are automatically enrolled and do not need to register. They simply provide their mobile number at checkout, login to the Swish app on their phone and authenticate/approve the payment

Customer Advantages

  • Customers are automatically enrolled and do not need to register
  • High customer trust as payment is authenticated by using their unique BankID
  • Convenient, reliable, and secure transaction process
  • No credit or debit card needed