Competitor Profile: Swish

Competitor Profile: Swish

Summary

Swish is a Swedish mobile payment solution launched in 2012. It is one of the leading P2P payment solutions in Europe with 7.2 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. To transfer funds both sender and recipient need to have a bank account with one of 12 participating banks, and must link their mobile number with their bank account. The solution also 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.

In addition to P2P and in-store payments, Swish allows online payments for purchases on webstores and merchant apps. Users simply select Swish as a payment method at checkout and enter their mobile number. The payment details are then displayed on the customer’s Swish app, and are approved using Mobile BankID.

The report provides information and insights into alternative payment solution 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

Scope

- 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.
- Swish allows individual users to transfer money to other Swish users using the recipient’s mobile number.
- The solution also allows C2B transfers, enabling customers to transfer money to offline merchants using their Swish number.
- 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.

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.