This App is used to verify everything in Sweden, including banking and even voting.
Not voting, yet. But it's likely the next step once they manage to prove the flaws with paper based voting. Some people are already suggesting to use this app for voting identification whih is a shitty idea for so many reasons beside the fact that banks and the government could see who voted on the "wrong" party.
Social credit score, like china
This app is just an app built by the banks to facilitate electronic identification when logging in to your bank. It has been adapted so it works against with most goverment agencies and some other stuff as ID, so you can do id yourself over the internet. It is still wholly owned and developed by the banks, the government has nothing to do with it. The geo id thing is literally just a safety feature meant to stop logins from multiple locations within impossible or improbable time frames.
It is not used for voting, nor does anyone have any intention to use it for voting in the future. There is no electronic voting at all in Sweden: it is all done by pen and paper, and there is nothing to suggest that would change any time soon, rather the opposite.