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Swish (payment)
Swish ( or ) is a mobile payment system in Sweden. The service was launched in 2012 by six large Swedish banks, in cooperation with Bankgirot and the Central Bank of Sweden. It had 8 million users as of July 2022 (total Swedish population: 10.2 million). Overview The service works through a smartphone application, through which the users' phone numbers are connected to their bank accounts, and which makes it possible to transfer money in real time, a few seconds until confirmation is received by both parties. The user must have a second mobile application called '' Mobilt BankID Säkerhetsapp'', which is an electronic identification issued by several banks in Sweden. This requires that the user has a bank account in a Swedish bank participating in the system, and also a national ID number. Users who have a Swedish bank account but no suitable phone can register for reception only of payments. The phone number can be of another country. The actual transfer is done by the Ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mobile Payment
Mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device. Instead of paying with cash, cheque, or credit card, a consumer can use a payment app on a mobile device to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history, it is only in the 21st century that the technology to support such systems has become widely available. Mobile payments began adoption in Japan in the 2000s and later all over the world in different ways. The first patent exclusively defined "Mobile Payment System" was filed in 2000. In a developing country, mobile payment solutions can be deployed as a means of extending services of financial institutions to the community known as the "unbanked" or " underbanked", which is estimated to be as much as 50 percent of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Venmo
Venmo is an American mobile payment service founded in 2009 and owned by PayPal since 2013. Venmo is aimed at users who wish to split their bills. Account holders can transfer funds to others via a mobile phone app; both the sender and receiver must live in the United States. Venmo also operates as a small social network, as users can observe other users' public transactions with posts and emoticons. In 2021, the company handled US$230 billion in transactions and generated US$850 million in revenue. Users can view transactions on the Venmo website but cannot complete transactions on the website. By default, Venmo publishes every peer-to-peer transaction (excluding the amount), a feature shown by researchers to reveal sensitive details about users' lives in some situations. In 2018, the company settled with the Federal Trade Commission (FTC) about several privacy and security violations related to this and other features, and made changes to the corresponding settings. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Single Euro Payments Area
The Single Euro Payments Area (SEPA) is a payment integration initiative of the European Union for simplification of bank transfers denominated in euros. , there were 41 members in SEPA, consisting of the 27 member states of the European Union, the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), and the United Kingdom. Some microstates participate in the technical schemes: Andorra, Monaco, San Marino, and Vatican City. By 2025, Albania, Moldova, Montenegro, North Macedonia and Serbia were 5 countries negotiating to join the EU already included in SEPA. SEPA covers predominantly normal bank transfers. Payment methods which have additional optional features or services, such as Mobile payments in India, mobile phone or smart card payment systems, are not directly covered. However, the instant SEPA payment scheme facilitates payment products also on smart devices. Goals The aim of SEPA as stated in 2008 was to improve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PayPal
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support E-commerce payment system, online money transfers; it serves as an electronic alternative to traditional Banknote, paper methods such as cheque, checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial and company users, for which it charges an international addition bank charges fee. Established in 1998 as Confinity, PayPal went public through an initial public offering, IPO in 2002. It became a wholly owned subsidiary of eBay later that year, valued at $1.5 billion. In 2015 eBay corporate spin-off, spun off PayPal to its shareholders, and PayPal became an independent company again. The company was ranked 143rd on the 2022 Fortune 500, ''Fortune'' 500 of the largest United States corporations by revenue. Since 2023, PayPal is a member of the MACH Al ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MobilePay
MobilePay is a mobile payment application used in Denmark and Finland. The service allows payments by means of a smartphone application and was first introduced in 2013 by Danske Bank. It was introduced to Finland later in the same year and since 2017 it has been used by all List of banks in Denmark, banks in Denmark. As of 2022, MobilePay had more than 4.4 million users in Denmark (total population: 5.8 million) and more than 2 million users in Finland (total population: 5.5 million). In 2022, MobilePay merged with Vipps of Norway to form Vipps MobilePay, but they maintain their separate brand names in each country. MobilePay is a member of the European Mobile Payment Systems Association. Function MobilePay is an application for phones with operating systems iOS and Android (operating system), Android. MobilePay is a digital wallet covering all payment needs. Payments can be made to friends, smaller physical shops, supermarkets and larger chains, recurring payments, ecommerce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vipps
Vipps is a Norwegian mobile payment application designed for smartphones developed by DNB ASA, DNB. Vipps was released May 30, 2015 and, having reached 1 million users by November 5, 2015, Vipps became Norway's largest payment application. Although Vipps was developed by DNB, customers of any Norwegian bank can use it. Vipps is a member of the European Mobile Payment Systems Association. Vipps merged with MobilePay of Denmark and Finland in 2022 to form Vipps MobilePay. The headquarters of the new company is in the Norwegian capital of Oslo, but all locations in other countries and the separate brand names are maintained. A collection of Norwegian banks own 72.2% of Vipps MobilePay, while Danske Bank owns 27.8%. As of 2022, Vipps had 4.2 million users in Norway (total population: 5.4 million), whereas MobilePay had more than 4.4 million users in Denmark (total population: 5.8 million) and more than 2 million users in Finland (total population: 5.5 million). Service Vipps is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
TARGET Instant Payment Settlement
TARGET Instant Payment Settlement or TIPS is a TARGET Service of the Eurosystem that allows the settlement of instant payments in central bank money. The acronym TARGET stands for Trans-European Automated Real-time Gross-Settlement Express Transfer; other TARGET Services include T2 (RTGS) and TARGET2-Securities. TIPS was introduced in November 2018 to respond to developments in the electronic payments market. As of late 2024, it settled payments in euros and Swedish kronas, with extensions planned to Danish krones and Norwegian krones. Overview TIPS is an extension of T2 that complies with the SEPA Instant Credit Transfer (SCT Inst) scheme, a functionality of the Single Euro Payments Area (SEPA) initiative. Service providers that participate in T2 need to open a TIPS account to also participate in TIPS. SCI Inst compliance implies that transactions are finally settled in less than ten seconds. In 2024, TIPS settled 99 of transactions in less than five seconds. Following an ag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eurosystem
The Eurosystem is the monetary authority of the eurozone, the collective of European Union member states that have adopted the euro as their sole official currency. The European Central Bank (ECB) has, under Article 16 of its Statute,Statute of the ECB (PDF) the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the amount must be authorised by the ECB beforehand. The Eurosystem consists of the ECB and the national central banks (NCB) of the 20 member states that are part of the eurozone. The national central banks apply the monetary policy of the ECB. The primary objective of the Eurosystem is price stability. Secondary objectives are financial stability and financial integration. The mission statement of the Eurosyste ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Mobile Payment Systems Association
The European Mobile Payment Systems Association (EMPSA) is an association that aims to foster collaboration and to enable the use of different mobile payments systems internationally. EMPSA is headquartered in Zurich, Switzerland and chaired by Søren Mose, the Chairman of the TWINT Board of Directors. History and future plans European Mobile Payment Systems Association was founded on 3 September 2019. In January 2022 EMPSA demonstrated a working system where test users of TWINT could pay in selected shops in Austria accepting Bluecode. Members EMPSA was founded by seven mobile payment Mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device. Instead of paying with cas ... providers, including the three Scandinavian providers which at that time had more than half their population as users. Eight more providers have j ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Riksbank
Sveriges Riksbank, or simply the Riksbank, is the central bank of Sweden. Founded in 1668, it is the world's oldest surviving central bank, and the third oldest bank in continuous operation. Prior to World War I, it was also the only state-owned central bank outside of the Russian Empire. Etymology The first part of the word ''riksbank'', ''riks'', stems from the Swedish word ''rike'', which means ''realm'', ''kingdom'', ''empire'' or ''nation'' in English. A literal English translation of the bank's name could thus be ''Sweden's Realm's Bank''. The bank, however, does not translate its name into English but rather uses its Swedish name ''the Riksbank'' in its official English-language communications also. History The Riksbank began operations in 1668. Previously, Sweden was served by the Stockholms Banco (also known as the Bank of Palmstruch), founded by Johan Palmstruch in 1656. Although the bank was private, it was the king who chose its management: in a letter to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stefan Ingves
Stefan Nils Magnus Ingves (born 23 May 1953) is a Finnish-born Swedish banker, economist and civil servant who served as the Governor of Sveriges Riksbank, the central bank of Sweden, from 2006 to 2022. He serves as the vice-chairman of the Bank for International Settlements (BIS) since November 2021. In June 2022, Ingves announced that he will resign as Governor of Sveriges Riksbank on 31 December 2022. He was succeeded in the role by the former director of the Swedish Financial Supervisory Authority, Erik Thedéen. Early life Ingves has a Finland Swedish background and grew up in the village of Närpes in western Finland. In 1984, he earned a Ph.D. in Economics at the Stockholm School of Economics and his thesis is called "aspects of trade credits", about credit models between companies. Career Ingves was named Governor of Sveriges Riksbank in 2006. In response to the 2008-2011 Icelandic financial crisis, Ingves argued that "in times of uncertainty and turmoil, the centr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
