Last week I noticed new swedish mobile payment approach, which adds all current debit payment options but is done with mobile phone app. Idea in general works like this.

• Customer links his current account in his online bank to Swich account and adds his mobile number, verifying account customer gets text message to confirm account.
• Then downloads mobile app for smartphone.
• Activation is done by given mobile telephone number and verfication code.

Now payment system is ready to use. With Swish customers can send money to other Swish users. Money transactions will take place between customers accounts. 

Idea is really nice. Benefits are to have all major banks within this system and App itself is a platform to receive messages which are send in ISO standard between banks.

I haven't seen yet if money is in real time with other users Swish account or not, but idea itself seems really nice.

What makes this more interesting is that it uses same general idea which was tested in Finland early 2000 when mobile wallet was introduced. Then market wasn't ready because lack of real mobile phones.

This idea could be wider than P2P payments. For SMEs and small restaurants etc accepting Swish payment makes smart and easy solution. Even this idea could be used cross border payments. If in Sweden money transaction between banks is possible, I don't see any burdens why it could be possible to use between different banks in SEPA region.