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SWISH TRANSFER HOW TO
The end of cash: how to pay in Stockholm.It was exclusively designed by the consolidated efforts of financial institutions. It is one of the rare examples of a successful fintech consumer product built that didn’t involve any VC-backed third party. The phone number used for transactions can belong to another country, though.Īll those peculiarities are stipulated by the unique nature of this Swedish payment app. Users who have no suitable phone for installing the required apps, but do have a proper bank account, can register for the reception of payments too. In exceptional cases, users can temporarily increase the amount to SEK 150,000 ($16,485).Īll users need to own a bank account in a Swedish bank participating in the system, as well as a national ID number. The average maximum amount for transfers is about SEK 20,000 ($2,200). The use of the app is currently limited to internal national transactions. Hence, for customers, the Swish e-commerce experience is as smooth as interpersonal transactions. Merchants are not allowed to charge the customer for their Swish fee. In addition, Swish charges sellers about 2 SEK (depending on the relevant bank) per received payment. Companies and registered organizations pay a yearly fee.
Only they can modify seller’s accounts and digital security certificates.įor commercial partners, Swish usage is a paid service. Any merchant can appoint up to 5 employees able to login to an administrative GUI connected to the security solution. They can generate unique QR-codes in order to enable such payments. It’s especially advantageous for those businesses which don’t have a card reader. Now Swish allows legal people, traders, associations, and organizations to receive Swish payments from private individuals. In 2017 a new eCommerce app was presented. Therefore, the company decided to extend its activities to the realm of e-commerce. Since the app has gained enormous popularity, small businesses have begun to use it along with individuals. Paying to friends and relatives is not the only option here. It only works together with a second mobile application called Mobilt BankID Säkerhetsapp which is used for bank authentication. Its interface is intuitive so that every generation of users can easily learn the ropes of Swish transactions.
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