Swish

Swish is a mobile payment system launched in 2012 by Sweden's six largest banks - Danske Bank, Handelsbanken, Sveriges Riksbank, Nordea, SEB and Swedbank - from a working group of the Swedish Bankers Association.

Currently, many other institutions are also part of the network, including Skandia, Sparbanken Syd and ICA Banken.

Both parties can make instant payments through a mobile application connected to the user's bank account and tied to the "BankID Säkerhetsapp" electronic identification system used by lenders across the country.

The payment network was originally developed for private transactions between individuals, but has grown to meet the needs of businesses and e-commerce platforms.

Since its launch, Swish has gathered about 6.9 million users across Sweden, representing more than two-thirds of the country's population.

In 2017, the company launched a QR code feature that allows users to make payments faster and simpler.

According to the latest data, the network has completed more than 1 billion transactions, with a monthly transfer value of about 22.5 billion kronor ($2.4 billion).