Canada vs Sweden · Real-time payment systems compared
| Capability | Interac e-Transfer | Swish |
|---|---|---|
| QR Code Payments | — | ✓ |
| Wallet Support | — | ✓ |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | — |
| ISO 20022 | — | ✓ |
| Request to Pay | ✓ | ✓ |
| Open API | ◐ | ✓ |
| Alias/Proxy | ✓ | ✓ |
Canada's dominant person-to-person and business payment system, used by virtually every Canadian with a bank account. Interac e-Transfer enables instant transfers via email address or phone number across all major Canadian banks and credit unions. Originally a next-day service, it was upgraded to real-time settlement in 2022. Interac processes over 1B transactions per year with CAD 900B+ in value, making it one of the world's highest per-capita instant payment systems. Operated by Interac Corp (jointly owned by Canadian financial institutions), it also supports Interac Debit for point-of-sale and Request Money for invoicing.
Sweden's dominant mobile payment app used by 8M+ people (in a country of 10.5M) for P2P transfers, in-store payments, and e-commerce. Swish transactions clear through the Bankgirot Immediate Payments (BIR) real-time clearing system. Founded by six major Swedish banks, Swish has been a key driver of Sweden's shift toward a nearly cashless society. Payments are initiated via phone number and settle instantly, with merchant payments supported via QR codes and Swish for Business.