Safello Partners with Swish for Faster Cash Transactions

By August 6, 2014Bitcoin Business
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Swedish bitcoin exchange Safello has teamed up with mobile transaction service Swish to enable direct payments for more customers via their mobile devices.

The Swish app links to users’ bank accounts to send and receive funds instantly, and charges no fees. Transactions are processed once a day, so if you buy bitcoin through Safello using the new service, the process should be completed within 24 hours.

Added as part of a push to bring more customers on board, Safello describes its service as now “just the simplest way” of buying bitcoins in Sweden, explaining:

“With an account at any of the targeted banks, Swish allows you to make free instant payments using your mobile device.”

Users with access to Handelsbanken Direct can already make direct payments to the exchange, the firm notes.

Varying charges

The Swish app (available on Android, iOS and Windows Phone app stores) allows users to send and receive money using their smartphone. The feature set varies from bank to bank, but most users can switch between different phone numbers and bank accounts online.

Currently, while Swish charges no fees for its service, different banks have different policies on charges – for example, Swedbank charges a monthly fee of about $5 for the service, and charges a symbolic fee per transaction. Safello itself does not charge a fee for users of the service.

Swish was launched in late 2012 by six leading Swedish banks, including Handelsbanken, Danske Bank, Norde and Swedbank.

Safello on the offensive

In recent months Safello has made headline news on several occasions.

The company has big plans for expansion and says it wants to be the “Coinbase of Europe”. Earlier this year it started accepting instant SOFORT payments from 86 European banks.

The company has received significant funding too, including $250,000 from Bitcoin Opportunity Corp and $600,000 from bitcoin investors such as Roger Ver, Erik Voorhees and others.

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