The future of banking looks very high-tech and focused on artificial intelligence, AI. This makes it very handy for those accustomed to using smartphones, but for those who have an old-school phone or no phone at all, this is a real barrier. Just look at bus tickets people are often expected to buy tickets via an app connected to Swish or a bank card. But when it comes to implanting microchips, she expresses concern: ‘I would never have one implanted! Think of all the personal data produced, what would happen if it fell in the wrong hands?!’Ī more common problem is the increasing divide between tech-savvy young people who adapt to changing payment methods easily and the elderly, many of whom still prefer using cash. Young Italian lawyer Silvia has lived in Sweden for two years and she thinks that electronic payments are a really good way to prevent money laundering, corruption and other criminal activities.
I never pay by card there, because I don’t want the bank to know how much I spend on wine.’ There’s Stefan, a 73-year-old man who says that he still likes to make cash payments: ‘Especially when I go to Systembolaget. Not everyone is enthusiastic about the cashless society, though. It saves them from carrying bank cards, ID, membership cards and keys around. Though this might sound like science fiction, over a thousand Swedes have inserted this handy biohacking commodity into their lifestyle. This makes it possible to pay by simply waving the hand. To some people, the cashless experience is more than skin-deep… They’ve got a microchip implanted in their hand, which can store different kinds of data – from ID to door-opening blips, train tickets and even bank cards. 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 over 90 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. This saves people in Sweden from having to remember a large number of codes and passwords in order to access digital services.įintech helps drive the cashless transformation
BITCOIN SWISH CODE
The simplicity of a six-digit code or the use of a fingerprint on a smartphone literally puts almost everything at your fingertip. 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. Recently some cafés, shops and supermarkets 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.
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