[dmannorreys]

In Sweden we can transfer money instantly between banks. You essentially register a service tied to your phone number, and people can use that phone number to instantly transfer money to persons or companies without any fees. The service is called Swish [0]. The only requirement is that the receiver has registered the service to his/hers phone number, and that you can authenticate yourself using mobile BankID [1].

[0] https://medium.com/@etiennebr/swish-the-secret-swedish-finte...

[1] https://www.bankid.com/en/

Edit: Clarification of who can receive your money transfer.

[eitland]

This sounds like the same as Vipps in Norway. Anything up to NOK5000 is free. And it is instant.

It has become a huge hit the last year. As for why I guess it's almost as fast as cash and you can add a little note so you can prove (rarely necessary but sometimes useful) that you paid.

Now a number of companies are also embracing it and I've started to receive invoices on Vipps. If it could be the thing that kills "Avtalegiro") I'd say that would be great.