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Singapore’s Swiff Works Like Square, But For B2B

As many already know, Square, the oh-so-convenient mobile payment system, is only available in the U.S. So Asians like me can only read and wait for its availability in Asia. But not anymore, since we have Swiff, a made-in-Singapore, Square-like mobile payment solution. It is a mobile credit card reader and it’s available on iOS and Android smartphones and tablets.

Swiff is produced by SCCP, a payment processing and solutions company which has been in the payment business for nine years. Since Square is making the headlines, many would assume that SCCP has copied Square’s idea. But Stephanie Yeo, Head of Marketing and Communications at SCCP told me no. She said that SCCP has been working on R&D for more than a year but Square was the first to bring it to the market.

Square follows the B2C model, meaning it allows consumers to consumers to pay through its system… which is why some folks thought it has the potential to be a good payment system for prostitution business.

On the other hand, Swiff focuses on business accounts. Stephanie explained that only companies with proper registration and corporate bank accounts will be able to use Swiff. Square only accepts U.S based banks but Swiff as described by Stephanie is “neutral to all banks.” She added: "Swiff is an enabler for merchants (registered businesses) as a cost-efficient, easy-to-deploy alternative to credit card terminals. Therefore, we work with the acquiring bank as partners to provide the mobile payment service to merchants.

We facilitate the application process, but ultimately, the business relation lies with the bank and the merchants (customers). The banks decide on the transaction fees and the rates. The rates may differ between companies. We also open up the possibilities for merchants to work with any other acquiring banks that may come on board in the future." Swiff is currently on available only in Singapore and is working with clients like Sakae Sushi and Buyan Russian Haute Cuisine and Cavar Bar.

The company is currently raising funds and has plans to enter Malaysia, Indonesia, and India. From what I understand, it is scheduled to go on full launch around February next year. While Square dominates the U.S market, can Swiff dominate the Asian market? We shall see!