Its platform offers digital account-to-account payments, which means that people can pay their online shopping straight from their bank account. The terminal allows a retailer to take payments by connecting it to a dedicated app on a smartphone or tablet.Ī third example is Trustly, a company that develops cardless payment solutions. One example is Klarna, a payment system startup founded in 2005 that claims to have around 150 million customers globally.Īnother is Zettle (previously iZettle), which makes small cheap card payment terminals. Many internationally renowned fintech companies were founded in Sweden. The move towards a cashless society is also driven by fintech, or financial technology. The simplicity of using one six-digit code – nowadays you can also go via fingerprint or face identification – to access digital services via Bank-ID saves people from having to remember a large number of codes and passwords.įintech helps drive the cashless transformation It’s a mobile app that allows anyone with a Swedish personal identification number (personnummer) and bank account to access all digital public services, use online banking and even sign contracts. Today, a big part of integrating into Swedish society involves using BankID. The Swish app, together with many other large and smaller scale innovations, contribute to Sweden’s reputation as an evermore cashless society.Īnother growing trend among Swedes is to use a digital wallet or credit card for payments via a smartphone instead of physical money/cards. Many cafés, shops and supermarkets in Sweden have started to display QR codes that customers can scan to pay directly by using their phones. A smartphone with a number is all you need to make a transfer in a matter of seconds. It refers to using Swish, an app for instant payments. The verb swisha (to swish) is the perfect example. You can tell that something has become part of the culture when it enters the day-to-day language. Now, Sweden is leading the way towards the cashless society. And the development and simplification of payments has evolved greatly ever since. The country's first automatic cash machine was inaugurated in July 1967, only a week after the world’s very first one was opened in London. Sweden has been at the forefront of banking innovation for a long time. Photo: Lieselotte van der Meijs/ In Sweden, technology is close to making cash a thing of the past. Even some ice cream stands in Sweden are going cashless.
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