Sweden is one of the world's most cashless markets, with cash payments having fallen below 10% of transactions, and it uses the Swedish krona (SEK) rather than the euro. In this market, Swish is the national payment app used by the vast majority of adults (more than 8 million users), completing instant account-to-account transfers with nothing more than a phone number. Having started with P2P transfers, its e-commerce acceptance has been steadily expanding, making it a priority candidate for merchants wanting to offer local consumers the payment experience they're most familiar with.

It's especially well suited to mobile-first shoppers who are reluctant to enter card numbers, and to merchants dealing in small- to mid-ticket products such as fashion accessories, digital content, and tickets. On the other hand, if you also want to reach customers who prefer deferred or installment payment, it's worth pairing Swish with invoice-based methods active in the same Swedish market, such as Klarna and Walley.

When a consumer selects Swish at checkout, the Swish app opens on their smartphone, and the moment they approve the payment via mobile BankID authentication, funds are transferred from the consumer's bank account. Because it's an instant account-to-account transfer that bypasses card networks, there's virtually no authorization delay or pending-payment status, and you can confirm the order based on the payment-completion notification. Hecto Financial then receives the proceeds in SEK and carries out the settlement process.

Integrating through Hecto Financial lets a Korea-based corporation consider adopting Swish payments without a separate local contract in Sweden. Actual support availability and terms (settlement cycle, fees, currency options) vary by merchant industry and transaction volume, so confirmation with Hecto Financial's sales team is required before contracting.

• Business registration country

  Confirm contract eligibility for merchants based in Korea

• Sales channels

  Integration method and priority vary depending on your mix of online sales channels — owned storefront, marketplaces, mobile apps, etc.

• Product categories

  Check in advance whether your category falls under Swish's restricted merchant categories

• EU regulatory compliance

  Confirm compliance with EU payment regulations such as PSD2 and SEPA (see official sources below)

Proceeds paid by Swedish consumers are received by Hecto Financial in Swedish kronor (SEK), then converted and settled to the Korean merchant in one of USD, KRW, or JPY, as selected under contract. The settlement cycle follows the contract terms. Because instant transfers are typically handled through refunds (re-transfers) rather than payment cancellations, design your refund process accordingly, and also factor in the roughly 14-day withdrawal right generally granted to Swedish online buyers under EU consumer protection rules when setting your return policy.

• Sveriges Riksbank (Sweden's central bank), Finansinspektionen (Swedish Financial Supervisory Authority)Official information on Sweden's payment systems and related regulations. If actual regulations differ from the content on this page, the official source takes precedence.