Swiss PostFinance introduces peer-to-peer SMS payments

The new PostFinance service allows customers to transfer money from one postal account to another for up to a maximum of Sfr100 per recipient account per day by text message. The transaction is free of charge for both the sender and the recipient, except for the standard text message charge, and the amount is credited to the recipient's account within minutes.

Before it carries out each transaction, PostFinance checks the mobile number and the sender's individual monthly limit. If a customer loses their mobile phone and blocks their SIM card, no further purchases or transfers can be made by text.

Customers can also call up their account balance and their most recent transactions by text.

The bank introduced a mobile bill payment service in August last year, which enables customers to link one or more mobile phone numbers to their postal account and thus debit orders or transfers made by text message directly to that account. Around 4500 customers and 35 partner organisations are currently registered.