“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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