The group focuses on enhancing interoperability, technical developments, and regulatory compliance. Swish was a founding member of the European Mobile Payment Systems Association (EMPSA), which brings together 14 companies from across Europe with the aim of creating seamless mobile payments across the continent. We see a lot of potential in cross-border, P2P payments,” he explains. “Our ambition is to make it possible for people to Swish to anyone, anywhere. In addition to courting stores and businesses in Sweden, Höglund also has an eye toward providing Swish’s services across borders. “Swish has the potential to be an integral part of helping retailers improve the customer journey with digitalization,” says Höglund. Increasingly, the online and in-store experience are merging, he says, thanks largely to mobile phones. He points to the rise in self-service checkouts as well as stores where salespeople roam the floor with devices that allow customers to pay wherever they are rather than having to wait in line. “There’s no doubt that stores are still relevant,” says Höglund. Swish data from early 2022 show that Swedish shoppers are indeed returning to stores – and Höglund believes Swish has a role to play in helping retailers transform the in-store experience.
If consumers have a mobile phone, we’d like to see them be able to use Swish for in-store purchases as well,” he explains.Ĭlose to 320,000 businesses already use Swish, but Höglund wants to see that figure rise even further now that the pandemic is receding. “Digital shopping journeys need not be limited to e-commerce. Höglund is committed to closing that gap by working together with participating banks to focus on getting more merchants to offer Swish as a payment method. Not all merchants offer payments via Swish today, but considering consumers’ demand for it they probably should,” he says. “Consumers want to use Swish, but we see a gap between demand and supply here. Despite the pandemic boost and being the preferred payment method for Swedes 18-55, he points out that Swish’s e-commerce market share remains around 20 percent. Swish’s already steady growth received a boost during the coronavirus pandemic thanks to an increase in e-commerce. “We want to be close to the user which requires a lot of front-end development, so we need infrastructure partners like P27.” Urban Höglund: ‘stores are still relevant’ “P27 is on a very exciting journey that we believe will open up a number of opportunities for us in the future,” he says. And starting in 2023, P27 will process all Swish payment flows. He’s also excited by the opportunities brought by P27, which will provide the Nordics with a whole new cross-border payments infrastructure.īanks connected to Swish are set to test the Nordic payments platform by the end of the year. “People also feel a sense of trust and the security that comes with knowing the service is offered by their bank and that they are using money that’s actually in their accounts.” New opportunities with P27 “Swish is growing because we are the preferred payment method in the mobile phone,” says Höglund, who took over as Swish CEO in August 2021. “We have a great collaboration with the participating banks where Swish enhances their offering and strengthens the banks relationships with their customers,” says CEO Urban Höglund.Įvery month, Swedes carry out an average of 75 million payments via Swish, which lets users make instant transfers between users’ bank accounts via their mobile phone. Since banks launched the service in 2012, Swish has become the dominant mobile payment method in Sweden, with 83 percent of Swedes using the app in 2021. If you live in Sweden, chances are you’ve used Swish, the instant payments app that boasts more than 8 million users in a country of 10 million people. Urban Höglund, CEO of Swedish instant payments app Swish discusses the service’s future, cross-border payments, and how digitalization can reshape the in-store experience. Swish CEO Urban Höglund: payments and the in-store transformation
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