Inclusive global payments platform, Ecommpay, has added Swedish banking app, Swish, to its growing list of Alternative Payment Methods (APMs).
The app, which boasts a 39%+ share of checkout in Sweden, is the Swedish consumers’ preferred way to pay. By adding it to the Ecommpay payment platform for payments in SEK, merchants targeting the Swedish market will be able to optimise checkout performance.
“We know that consumers want to see payment methods they recognise when visiting e-commerce sites”, explained Rosanna Helm-Visscher, Global Head of Partnerships, Ecommpay. “Indeed, recent research found that as much as 72% of consumers might abandon an online purchase if their preferred payment method was not available. We are, therefore, on an ambitious programme of adding market-specific APMs to our platform.
“Swish is the latest APM, complementing the already 100+ APMs on the Ecommpay platform. This means it is now easier than ever for our clients to expand into the Swedish e-commerce market which is projected to reach over $13 billion by the end of 2025.”
Key benefits of Swish include real-time processing; Swish transactions land in a receiver’s account almost immediately helping merchant cash flow. A simpler payment experience also means fewer abandoned baskets; the high penetration of Swish in Sweden means it is likely to reduce cart abandonment by up to 69%. The use of multifactor authentication via the app also reduces the risk of fraud.
“The addition of Swish is an important step in our mission to make payments fully accessible and inclusive to all consumers, regardless of geography”, added Rosanna Helm-Visscher. “Merchants can enable regional payment methods for more than 200 countries across Europe, Asia, Latin America and North America, ensuring every customer sees a familiar payment method when checking out.”