Swedbank introduces instant payments over mobile app

Lithuanian bank Swedbank said customers can now perform instant payments using the Swedbank 2019 application, reports Vz.lt. The option is now available for retail customers. Swedbank app instant payments mobile app

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It will also be offered to business and online banking customers in the future.

Lithuanian commercial banks are already working on a system that will ensure that a person will be able to transfer money without knowing his or her account number, in order to contact each person in the bank’s mobile app. Orders will be made by consumers through their bank’s mobile or online banking.

The system can be launched already in 2019. Swedbank app instant payments mobile app

Here are some of the benefits of using the Swedbank app for instant payments:

  1. Convenience: The Swedbank app allows users to make instant payments anytime, anywhere from their mobile devices, eliminating the need to visit a bank or use a computer.
  2. Security: The Swedbank app uses multiple layers of security, including biometric authentication and encryption, to ensure that transactions are secure and protected from fraud.
  3. Speed: With instant payments, funds are transferred immediately, providing fast and efficient transactions that are ideal for urgent or time-sensitive payments.

Similar instant payment apps are gaining popularity around the world, such as Venmo in the United States, Alipay in China, and Paytm in India. These apps offer similar benefits, such as convenience, security, and speed. According to a survey conducted by Statista in 2021, the most popular peer-to-peer payment app in the world is PayPal, with 392 million active accounts as of Q2 2021.

When using these payment apps, it’s important to keep in mind the fees and transaction limits that may apply. For example, Swedbank charges a small fee for instant payments over a certain amount. Additionally, it’s important to use a reliable source to obtain the latest information on payment app fees, transaction limits, and security features.



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