Swish – Competitor Profile
All the vital news, analysis, and commentary curated by our industry experts.
Swish is a Swedish mobile payment solution launched in 2012. It is one of the leading P2P payment solutions in Europe, with 8.2 million users. Initially launched as a P2P payment service, it was extended to allow merchants to accept payments for online and offline purchases. The solution enables users to make real-time P2P transfers from their mobile phone using the recipient’s number or QR code. To transfer funds, both sender and recipient need to have a bank account with one of 12 participating banks; they also must have linked their mobile phone number with their bank account. In addition, the solution allows consumer-to-business (C2B) transfers, enabling customers to transfer money to offline merchants using their unique Swish number. Users can also pay merchants by scanning QR codes available at partner merchant stores with the Swish app.
Swish allows online payments for purchases on webstores and merchant apps. Users select Swish as their payment method at checkout and enter their mobile phone number. The payment details are then displayed on the customer’s Swish app and approved using Mobile BankID. In May 2020, Swish launched Swish Requests, which enables users to remind their friends about a Swish payment by sending a payment request via the Swish app.
Swish is now focusing on improving its product offering for business customers. In March 2022, Swish launched the Swish business app, which allows merchants to accept payments, track payments, facilitate refunds, and assign shifts to staff. Earlier, in September 2021, Swish Payouts was introduced. This allows merchants to pay out funds to customers in real time, including cashback, reimbursements, and prize money.
The report provides information and insights into Swish including –
– Detailed insight into its business
– Comprehensive coverage of its products and services
– Comparative assessment with key alternative payment solutions
– Information on its performance, including its revenue model
– The company's important events and milestones
– In December 2012, Sweden’s major banks Danske Bank, Handelsbanken, Länsförsäkringar, Nordea, SEB, and Swedbank och sparbankerna collaborated to launch the Swish app for P2P transfers.
– In July 2019, Swish partnered with payment service provider Nets to pilot a new in-store payment solution at two restaurants in Sweden. The solution integrates Nets’ Bluetooth technology into Swish’s payment terminals, enabling users to make contactless payments via Bluetooth technology.
– In September 2019, Swish partnered with mobile payment providers Banccontact Payconiq, Bluecode, SIBS, MobilePay, Vipps, and TWINT to form the European Mobile Payment Systems Association.
– In March 2022, Swish launched Swish business app, allowing businesses to accept QR code-based payments, make payouts to customers, and monitor transactions, among other things.
Reasons to Buy
– Gain insights into Swish's business operations and key events.
– Gain insights into its product portfolio and revenue model.
– Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
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