Swish is the name of a mobile payment system established in Sweden.
Video Swish (payment)
History and usage
Swish was established by major banks in 2012 and has been very successful with half the population as users in 2016 (5 million in november 2016). The main usage is payment between private people, but is also used by non profit organizations and small businesses for sales. In January 2017 it was extended to internet shopping.
Maps Swish (payment)
Technology and user interface
The smartphone app is the front-end. A mobile phone number or a specific Swish number (assigned upon request) is used as sole recipient reference when registering a transaction, and the connection between the number and the actual bank account number is registered in the bank of the receiving party. If the receiver has a phone with the Swish app, a notification is displayed within a few seconds. The maximum amount varies by bank, but is often 10,000 SEK, which can be increased.
The secure user identification when sending money is done through an electronic identification method which also relies on a smartphone app, called Mobilt Bank-id ("mobile bank ID"), which is usable for various services, like logging into bank sites, both in a smart phone and in a desktop computer. All users need a Swedish bank account and access to internet banking.
The back end is a transfer system developed by Bankgirot, enabling instant transfers between bank accounts. Normally transfers between different banks take one bank day.
Like many other mobile payment systems it has the problem that users have to make an effort to register and get the app before being able to use the system. It managed to reach a critical mass and more reluctant people have also started using it. As of 2016 it is possible to quickly register for reception in most bank's smart phone apps without needing the smart card reader with keyboard.
References
Source of the article : Wikipedia
0 Comments