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TIL USA does not have any equivalent to Swish and it baffles me.

Oct 25, 2017
735
Sweden
#1
For those who doesn't know, here in Scandinavia all the banks have come together to make an app called Swish on all mobile platforms. What it does is you just type in the phone number and the amount and it'll be directly transferred to the recipient. Before Swish was a thing in Scandinavia you had to wait for the banks to transfer the money to the recipient which would take 5 to 24h which was a pain when you wanted to transfer money to a child or a friend who was in dire need for cash.
It made it even easier to transfer money to someone just because it uses the phone number which you have in the contact list, instead of remembering the bank ID.

Now everything uses Swish here in Sweden. Stores, restaurants and bills. I still don't understand how the rest of the world could not live without it. But Sweden's goal is to remove all kind of cash in 4-5 years so this was an important step.

To my question, why doesn't the whole world use something like this? For me atleast it was a life changing moment.

EDIT: TIL that I was way off
 
Last edited:
Oct 27, 2017
379
#7
Lord, considering how many old credit cards companies, banks, debt collectors and the like are calling people at old numbers here it seems hard to imagine doing this by telephone number alone here in the States.
 

Stinkles

343 Industries
Verified
Oct 25, 2017
10,822
#8
Yeah sorry we're credulous pensioners who would happily swish away our life savings to a slippery looking evenagelist at the drop of a hat.

And no I am not kidding.

We are among the biggest suckers in the world. Ask any Nigerian Prince, or TV Reality show businessman.

We'd be somalia by thursday.

We need just enough barriers for our kids or Bernie Sanders to say, "hey wait a goshdarned minute..."
 
Oct 25, 2017
237
#10
Pretty sure your discribing is the cash app or something like Apple pay.

As long as they are signed up to the cash app with their phone number. I can transfer money to friends instantly. Good for figuring out a food bill.
 
Oct 25, 2017
1,473
#12
There's a similar collaborative app between banks in the US called Zelle - but it hasn't gained much traction (and also has massive security holes). Most people just use Venmo/Cash/PayPal/Apple Pay/etc. Does it suck needing to have like six accounts for money transfers? Yes. But there are bigger problems in life.
 

t26

Avenger
Oct 27, 2017
904
#14
Zelle is not very common. Venmo is use to pay other people but I don't see any store accepting money from it. alipay and wechat pay are closer to what OP is talking about and China is close to getting rid of cash.
 
Oct 25, 2017
183
#15
Two reasons:

Population of Sweden: 9.98 million
Population of the US: 325.7 million

Size of Sweden: 450,295 square km
Size of the US: 9.384 million square km
 
Oct 25, 2017
593
#17
I can buy swisher sweets at the gas station, does that count?

It's annoying how there's not a standard payment app in the US - Zelle is uncommon, Google Wallet and Square Cash are fine, and Venmo has too much social media trash baked in
 
Nov 29, 2017
679
United States
#19
Zelle is not very common. Venmo is use to pay other people but I don't see any store accepting money from it. alipay and wechat pay are closer to what OP is talking about and China is close to getting rid of cash.
How is Zelle not common. I’m pretty sure every major bank has it. It’s supported by 200+ banks.
 
Oct 27, 2017
3,917
#22
How is Zelle not common. I’m pretty sure every major bank has it. It’s supported by 200+ banks.
Right. I don't use it as a separate app, but it's what the banks now use for bank-to-bank transfers instead of whatever the fuck they were doing before.

Also, phone number seems like a bad thing to tie paying people to. Maybe I'm just old school.
 

t26

Avenger
Oct 27, 2017
904
#28
Ok I wasn't aware Venmo works at store that accept paypal.

OP isn't completely wrong, as I don't see how Venmo and Zelle are replacing cash like Swish is doing.
 
Oct 25, 2017
2,128
#30
OP isn't completely wrong, as I don't see how Venmo and Zelle are replacing cash like Swish is doing.
Not an issue unique to the US though (which is also a much larger, less homogenous country). The only thing that sets Swish apart is people's willingness to use it.

Waiting for OP's thread asking why the whole world doesn't use Klarna.
 
OP
OP
ADee
Oct 25, 2017
735
Sweden
#33
Not an issue unique to the US though (which is also a much larger, less homogenous country). The only thing that sets Swish apart is people's willingness to use it.

Waiting for OP's thread asking why the whole world doesn't use Klarna.
Thanks for the idea I will make a thread about that tomorrow!
 
Nov 2, 2017
3,495
#34
OP, you are absolutely correct. There is nothing like this in the U.S.

I know because I'm Canadian who visits the U.S. often. In Canada, we have something that sounds very similar to Swish called Interac. It's a common annoyance to me that the U.S. has no useful equivalent.
 
Oct 26, 2017
2,557
#35
Two reasons:

Population of Sweden: 9.98 million
Population of the US: 325.7 million

Size of Sweden: 450,295 square km
Size of the US: 9.384 million square km
I don’t think this argument works when china basically went from all cash 5 years ago to almost no cash today.
 
Oct 25, 2017
998
#37
I still don’t get how Zelle isn’t more popular. They advertised heavily when it came out, and it is straight up backed by just about every major US bank. Yet I’ve never heard it mentioned in person... ever
 
Oct 25, 2017
1,067
#40
I still don’t get how Zelle isn’t more popular. They advertised heavily when it came out, and it is straight up backed by just about every major US bank. Yet I’ve never heard it mentioned in person... ever
This thread is the first time I've ever heard of it. Although, thinking about it, I don't send money to people all that often anyway.
 
Oct 25, 2017
1,799
#41
I don’t think this argument works when china basically went from all cash 5 years ago to almost no cash today.
It’s more a matter of the sheer number of banks and other financial institutions in the US compared tomkther countries, and different states having their own banking laws, etc. There are similar apps in the US but with so many more participants to the banking system, there’s a lot of competition to become the one payment system everyone uses.
 
Nov 6, 2017
1,985
#42
Why does everything have to be U.S focused? Even in the OP he mentions the world but still has USA in the thread title. People outside the U.S obsessed with the U.S or something?
 
Dec 4, 2017
149
#46
I still don’t get how Zelle isn’t more popular. They advertised heavily when it came out, and it is straight up backed by just about every major US bank. Yet I’ve never heard it mentioned in person... ever
You/this thread is literally the first time I've even heard of Zelle