About the author and this exchange.
Urban Höglund is CEO of Getswish AB, the company behind Swish, Sweden’s leading mobile payment method. He previously held senior roles at Handelsbanken, where he oversaw cards, mobile payments, and everyday banking services.
This post is part of an editorial exchange between Zimpler and Getswish exploring how local payment infrastructure shapes commerce in Sweden.
About Swish.
Getswish AB operates Swish, Sweden’s most widely used payment method with 8.8 million users and around 300,000 companies and organizations. Swish was launched in 2012 as a collaboration between Sweden’s largest banks and has since become one of the most recognized payment brands in Europe.
Zimpler is Sweden’s first non-bank payment institution to connect directly with Getswish, giving businesses access to Swish without a bank agreement.
Every week, an international company enters a new market confident their payment setup will hold. At a glance, it makes sense. Digital platforms scale across borders. Consumers buy from international brands with ease. But when it comes to payments, people still expect solutions that fit their local market.
Payments are not shaped by technology alone. They are shaped by trust, regulation, habits, and the financial systems in which they operate. And those things are local by nature. They evolve over time through coordination between banks, infrastructure providers, and regulators. Once established, they define how consumers expect transactions to work.
Sweden provides a clear example of how local payment infrastructure shapes consumer behavior at scale.
Sweden as a case in point
Swish was launched in 2012 by six of Sweden’s largest banks. It is operated by Getswish AB and built on top of Sweden’s existing account infrastructure. Every transaction is authenticated using BankID, the national digital identity system used across banking and public services.
Swish first solved a simple, everyday problem between people. Sending and receiving money became instant, trusted and easy. Once that behavior was established privately, taking it into commerce was a natural next step.
Today, Swish is used by around 8.8 million people in Sweden, as well as approximately 300,000 companies and organizations. In a country of just over 10 million people, this represents near-universal adoption among banked adults, with 99% coverage between the ages 18-67. Swish has quickly become one of the country’s most widely recognized brands. For five consecutive years, Swish has been named Sweden’s strongest brand – ranking above IKEA, Volvo and Spotify.
This reflects a payment method that has become part of everyday behavior across an entire market. And that did not happen by chance.
How local infrastructure drives adoption
Swish succeeded because it was built within the existing financial system. It leveraged trusted bank relationships, a widely adopted identity and authorization layer, and infrastructure designed for real-time transfers. Over time, it became the fastest and most reliable way for consumers to move money. That is what ultimately changes behavior.
Swish works because the important parts are already in place. People have their bank account. They identify themselves with BankID. The money moves instantly. Together, that creates a payment experience that feels safe, fast and familiar. That is why people keep using it – not because they have to, but because it works.
This pattern is visible in other markets as well.
A broader pattern across markets
In the Netherlands, iDEAL was developed by a consortium of banks to enable direct online bank payments and now accounts for the majority of e-commerce transactions. In Brazil, the Central Bank introduced PIX to modernize payments, and it now processes billions of transactions each month. In Spain, Bizum was created by the banking sector and has reached more than half the population.
These systems differ in origin, but they share a common structure. They are built within local financial ecosystems, integrated directly with bank accounts, and supported by institutions that consumers already trust. Because they operate as part of the financial infrastructure rather than as an overlay, they are typically faster, more reliable, and more cost efficient than global alternatives.
Over time, network effects reinforce their position, making them the default way to pay within their markets. That is also why global alternatives often struggle to match them locally.
The cost of getting it wrong
Global payment solutions often rely on adding a layer on top of existing systems. Local payment methods are built into the system. They are faster, more direct, and better aligned with how money moves within a given market. For international companies, this distinction has direct commercial consequences.
When entering a new market, it is not enough to offer a payment method that is technically available. It needs to perform in line with local expectations. In Sweden, those expectations are defined by Swish. Payments are instant, directly connected to bank accounts, and authenticated through BankID.
When a payment experience is slow, uncertain or unfamiliar, people hesitate. Some transactions are abandoned. Others fail. And each time, trust takes a hit. In payments, that shows up quickly – in conversion, in customer experience and in how willing people are to come back.
Performance, trust, and regulatory realities
Payment is the final step in the customer journey, but it is also one of the most sensitive. It is where trust is either confirmed or lost. In markets with highly developed local payment systems, the margin for error is small.
There is also a regulatory dimension to consider. Local payment systems operate within established banking and compliance frameworks. Companies that attempt to bypass these structures or rely on indirect or non-approved access routes introduce additional risk. This can affect not only performance, but also long-term market viability.
Access to these systems is not always straightforward.
Swish operates within a regulated banking environment. It reflects years of coordination between financial institutions and infrastructure providers. For companies entering the market, connecting to that system requires a clear understanding of how it works and how it is governed. Global commerce continues to expand, but it is not becoming uniform.
Local execution defines global success
The idea of full payment standardization may emerge over time. Today, success still depends on how well companies adapt to local financial ecosystems. Sweden doesn’t illustrate the point. It proves it.
Companies that recognize this tend to perform better. They approach payments as a core part of market entry. They invest in understanding how consumers expect to pay and align with the infrastructure that supports those expectations. In practice, global reach is determined by how well companies execute locally.
//Urban Höglund, CEO of Swish
