European mobile payment apps cooperate to enable cross-border transfers
Several European mobile payment systems are cooperating to enable cross-border payments between countries. This initiative would allow users to send money internationally using their existing apps, though no Swedish actors are currently participating.
Europe's mobile payment landscape
Mobile payments between individuals and in shops have grown rapidly across Europe over the past decade.
Sweden's Swish, launched in 2012, became widespread quickly.
Similar successful apps include MobilePay and Vipps in Denmark and Norway, Bizum in Spain, Blik in Poland, and Twint in Switzerland.
This widespread adoption has set the stage for the next phase of development: cross-border functionality.
The systems have evolved from national solutions to a point where inter-country connectivity is becoming a key focus for further expansion and utility.
The Riksbank's Payments Department describes this ongoing work in a staff memo, highlighting the potential for seamless international transactions.
Connecting national payment systems
Several European mobile payment providers have initiated cooperation to link their national systems, aiming to facilitate international payments.
This would allow users to send money across borders using their current apps, potentially offering an alternative to traditional card networks like Visa and Mastercard.
The staff memo highlights distinct advantages of using account transfers for these payments, such as increased efficiency and reduced risk.
The Riksbank plans to offer its TIPS Cross-Currency service in 2026, which could serve as a potential infrastructure for such transactions.
Notably, no Swedish actors are currently involved in this European cooperation.
A step towards seamless European payments
This European initiative marks a significant step towards a more integrated and efficient payment landscape.
The potential for seamless cross-border mobile payments could reshape consumer habits and reduce transaction costs across the continent.
The Riksbank's upcoming TIPS Cross-Currency service further highlights the strategic importance of account-based transfers in this evolving ecosystem.