Swish: What Is It and Why Is It Good for Online Casinos?
Since the appearance of online casinos around 1994, players living in Sweden had been enjoying wagering in any online casino of their choice, just like any other gambler in the world. But the situation changed drastically at the beginning of 2019 when new gambling rules and regulations were brought into force in Sweden. A New Swedish Gambling Act, voted through parliament in June 2018 and active since January 2019, obliges casinos to obtain a Swedish operating license, if they want Swedish residents to use their services. “Any gambling directed at the Swedish market without a Swedish license,” the New Swedish Gambling Act warns, “is illegal.”
The new license that many casinos have already obtained was not the only innovation introduced to the Swedish gambling market in 2019, however. The welcoming of a new payment method – Swish – soon followed. Since then, Swish casino payment has gained in popularity, enthusiastically supported first by LeoVegas (on leovegas.com) and then by several other casinos: Vegas Hero, Paf Casino, Slots Million, Casumo, PlayZee Casino, and VideoSlots.com.
What Is Swish?
For those of you who have not heard about Swish, a brief explanation is in order. Swish is a mobile payment system for Swedish residents that allows them to make payments to different companies through their mobile phones and bank accounts. Safe and highly secure, the Swish system enables online players to put money into their accounts within seconds. It sends the payment confirmation to them also within several seconds after the recipient gets notified that the transaction has successfully been made.
If you are considering to use this payment system, you need to have a Swish app. The Swish app is available at App Store, Google Play, and Windows Store. After you have downloaded it, you will need to connect your bank account to Swish in your bank and then activate the app. Once you have completed these three steps, you can start using the Swish payment method. All you need to approve the transaction is to enter your mobile phone number. Yet also note that the Swish system requires you to have a Swedish bank account.
Benefits of Using Swish
Swish was not primarily designed to be used in the online gambling industry. This payment method appeared in 2012, created as a substitute for cash by six large Swedish banks in cooperation with Bankgirot and the Central Bank of Sweden. The cooperation between these financial institutions was one of the most impressive partnerships made in the last fifty years.
Since 2012, the Swish payment method has significantly expanded. Designed initially to help customers make their daily payments or go Dutch, it has long become the favorite payment method among the residence of Sweden. As of September 2018, more than 6.5 million people used Swish. Small businesses love this system in particular. When this year, online gambling became regulated, Swish also became the most convenient method to fund Swedish casino accounts.
To enable people to make their payments faster, Swish allows them to use QR codes. Instead of entering any transaction details, users can simply scan a code provided by the merchant. Swish also gives users an option to mark people on their payment list as favorites. When you send money to your favorites, you do not need to write their telephone numbers. The system will give you their full numbers as soon as you start punching in its first digits. There is also a gift option: you may include a card that your addressees will receive as a present. The Swish payment system is free for all users. Casinos pay all fees, disallowed to pass these fees onto their customers.
How to Make Online Deposits with Swish
When you wager online, you can easily use Swish to make deposits. To withdraw the money that you have won, you need to resort to some other payment method, say, a bank transfer. But note that any withdrawal methods will be less quick than Swish. Making deposits to your casino account is easy. You will need to click on your Deposit page and select “Swish.” Then, write the exact amount you wish to pay and press the key “Input.” The system will direct you to Swish on your mobile, inviting you to confirm the payment you are making. After you have put in your bank ID, your money will be available for wagering.
Disadvantages of Using Swish
Swish has several disadvantages. It cannot be enjoyed by everyone. Users who prefer this casino payment method must open an account in one of the large banks participating in the program. Another drawback is that not everyone in the gambling industry accepts Swish as a payment method. Players who want to use Swish are restricted to several casinos that have embraced this method so far.
Despite minor disadvantages, the Swish payment method is convenient and quick. Transactions with Swish are free. And because it is supported by large, respectable banks that employ high-security measures, Swish is also unquestionably trustworthy.