SIX and Swisscom set to promote Swiss mobile payments

mobile payments

Financial market SIX operator has joined forces with Swisscom AG, one of Switzerland’s biggest telecommunications providers, to create a nationwide mobile payments platform in collaboration with major banks.

In May of this year, SIX, UBS and Zürcher Kantonalbank began to promote mobile payments in Switzerland by launching the Paymit payment application.

At the moment Paymit enables customers to send and receive money via their smartphones, and will also offer consumers the opportunity to make cashless payments in stores or online.

By 2016, SIX and Swisscom hope that most major retailers in Switzerland will be using Paymit to offer additional services such as loyalty point schemes or the creation of individually tailored offers for customers

SIX and Swisscom have also integrated Paymit into a number of Switzerland’s biggest banks, including UBS, Zürcher Kantonalbank, Banque Cantonale de Genève, Banque Cantonale Vaudoise, Luzerner Kantonalbank and Raiffeisen.

‘‘We believe in the Swiss financial centre and want to create a Swiss solution that can act as a counterweight to international players,’’ explains Swisscom CEO Urs Schaeppi.

Urs Rüegsegger, CEO of SIX hopes that this new partnership will push Switzerland closer towards becoming a cashless society.

‘‘We are confident that the partnership between SIX and Swisscom will help establish Paymit as a mobile payment solution. The key objective for SIX is that all Paymit users and the participating banks benefit equally.’’

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