"Combined with a strong IT sector, this has led to more competitive financial services in Sweden. With digital giro systems, early electronic payment services and other advances in online financial services, Swedish banks have been early adopters of advanced IT systems, he says. Arvidsson says Swish is already revolutionizing the banking system, which itself is no stranger to bold digital projects. That may not be as prohibitive an idea as it sounds. The service's direct collaboration with Bankgiro and Sweden's national bank, Riksbanken, is a critical factor in its success.īut if Swish starts to be used on a larger scale and grows to include retail transactions and e-commerce, Arvidsson says it is likely the country's entire payment system infrastructure will have to be revamped. The result of collaboration between major Swedish and Danish banks, Swish is a direct payment app that is used for transactions between individuals, in real time. The rest is socked away in people's homes and bank deposit boxes, or can be found circulating in the underground economy. "And out of that amount, only somewhere between 40 and 60 percent is actually in regular circulation," he says. In a country where bank cards are routinely used for even the smallest purchases, there are less than 80 billion Swedish crowns in circulation (about EUR8 billion), a sharp decline from just six years ago, when the total in circulation was SEK106 billion. "Our use of cash is small, and it's decreasing rapidly." "Cash is still an important means of payment in many countries' markets, but that no longer applies here in Sweden," Arvidsson says. At KTH, says that the widespread and growing embrace of the mobile payment system, Swish, is helping hasten the day when Sweden replaces cash altogether.
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