Swish has countless partners in the fields of online and in-store payments and cooperates with technical suppliers, e-commerce platforms, payment service providers, checkout systems, CRM, ERP and electronic cash register systems. The app connects the user’s phone number to their bank account and makes it possible to transfer money in real-time. The service works through a smartphone application. What was initially intended to be an app that would conduct private transactions between individuals has evolved into a system that caters to businesses and e-commerce platforms. Other institutions have also joined the network, namely Skandia, Sparbanken Syd and ICA Banken. The payments can be carried out 24/7 thanks to a settlement platform (Betalningar i realtid, BiR) that is jointly owned by banks. The app was released in 2012, enabled to conduct instant, real-time payments between user payment accounts. The concept was supported by the Bankgirot and the Central Bank of Sweden, as well as the Swedish savings bank which launched Getswish AB, the company that runs Swish and is headquartered in Stockholm. ![]() Non-cash transactions are expected to grow faster in Europe than in the US as regulatory authorities introduce initiatives such as the revised Payment Services Directive (PSD2), which encourage and foster innovation.Swish is a product of cooperation of six large Swedish banks – Danske Bank, Handelsbanken, Länsförsäkringar, Nordea, SEB and Swedbank. Non-cash transactions in Europe increased at a healthy rate of 7.7% in 2016, led by Germany, Spain, Finland, Greece, Sweden and Denmark, according to Capgemini’s World Payments Report. Merchants that accept mobile payments via any of the six apps in their respective domestic markets will be able to accept payments made by customers of the other countries covered by the collaboration.īesides Vipps and Bluecode, mobile wallet providers part of the initiative include ePassi, momo pocket, Pagaqui and Pivo. The initiative aims to allow users of the participating digital wallets to be able to make QR code-based payments with their home apps to local merchants in ten European countries where those apps are accepted. In June, Vipps and Bluecode joined a consortium with four other European mobile wallets and China’s Alipay to adopt a unified QR code format to provide seamless and enhanced services to travelers, expats and merchants. “With EMPSA, we are now taking a significant step towards enabling it, while also strengthening our European collaboration between wallets,” Wretman said.ĮMPSA is the latest initiative in Europe focusing on digital payment interoperability. Twint supports online and in-store payments, as well as peer-to-peer transfers, and is accepted in practically all major retail stores in Switzerland, including Coop, Migros, Spar and Volg, as well as the mobility sector, allowing for payments to be made with the SBB, BLS, many private railway networks, Fairtiq, TCS and the largest provider of electric charging stations “evpass”.Īnna-Lena Wretman, vice chairwoman of EMPSA and CEO of Swish, said the ability to carry out Swish payments outside of Sweden was “a high priority among our seven million users.” ![]() Twint, a joint venture between Switzerland’s biggest banks including UBS and Credit Suisse, is Switzerland’s leading mobile payment system, recording some 1.7 million users and around 4 million transactions made every month. ![]() Twint CEO Markus Kilb believes the initiative will help promote the interoperability and international use of the mobile payment systems and “establish a genuine European alternative means of payment.” Søren Mose, chairman of EMPSA and chairman of the Twint board of directors, said that with this international cooperation, the company wants to “accommodate our users’ wishes of also being able to use the tried-and-tested systems internationally.” This also means that Switzerland’s Twint will be usable in Belgium, Germany, Austria, Finland, Denmark, Portugal, Sweden and Norway.ĮMPSA has already set up a working group co-chaired by Bjørn Skjelbred from Vipps and Christian Pirkner of Bluecode to review the technical issues surrounding interoperability. In practice, this means that, for example, a Twint user from Switzerland would be able to travel to Sweden and pay for goods at any story accepting Swish directly through the Twint app.
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