SIX, UBS and Zurcher Kantonal Bank to launch P2P  payments app

SIX, UBS and Zurcher Kantonal Bank to launch P2P payments app

SIX, UBS and Zürcher Kantonalbank are to launch a new P2P payment app, Paymit, that enables users to to request and make payment transfers by smartphone across Switzerland from the end of May.

Paymit can be used by anyone living in Switzerland - irrespective of whether they bank with UBS, Zürcher Kantonalbank or another bank. The only thing needed to use the app is a Swiss mobile phone number and, depending on the app, a bank account and/or a credit or prepaid card.

Raoul Kriesi, head of card banking & ATM at Zürcher Kantonalbank, says: “With Paymit we have created the first Swiss-wide system for immediate payment from bank account to bank account; ideal for payments to family and friends and purchases on Internet auction platforms. By integrating it in our eBanking Mobile App we have ensured a consistent customer experience."

SIX says that Credit Suisse and Raiffeisen have expressed an interest in the technology and are considering implementing Paymit in the near future.

The vendor says it is also working with e-commerce and high street merchants to extend the use of the app for making purchases at the check-out.

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