Switzerland might be synonymous with banking services, but when it comes to card technology, the country has lagged behind. Now, that’s about to change.
SIX Payment Services, in partnership with Aargau-based bank Hypotherkarbank Lenzburg, has begun issuing Switzerland’s first contactless debit cards, using the chip-based V PAY system.
Credit and pre-paid cards using the same technology have previously been distributed by UBS and Raiffeisen, but these mark the first time that V PAY has been used in Switzerland for debit cards – and they will replace all 22,000 cards issued by Hypotherkarbank Lenzburg.
“Although we are a small bank we wanted to be at the forefront of the industry – and as our established partner, SIX was ideally placed to facilitate the initiative,” said Marianne Wildi, the bank’s chief executive.
“The technical implementation was not difficult for the bank because the adaptions to the core banking system were minimal and SIX assumed the role of central project coordinator.”
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