Switzerland is set to introduce QR-bill payments at the end of June, replacing seven different payment slips with a digitally readable code holding all the data for a payment, streamlining the processing of bills and credit transfers for companies, government bodies, non-profits and consumers.
The project, overseen by market infrastructure provider SIX, will enable bill recipients to trigger payment with just a few clicks on a smartphone. Incorrect entries of payment information will be displayed directly in online banking and business software, and can be immediately corrected, saving time and investigation orders.
Patrick Graf, chair of SIX Interbank Clearing and executive board member at PostFinance, says: “The payment slips have been around for decades. Phasing out a Swiss ‘cultural asset’ like this is something that the Swiss financial center would do only with due respect and caution. We’re not taking anything away from consumers, merely offering the QR-bill as an additional means of payment. So from 30 June 2020, people will also be able to make digital payments if they wish.”
Swiss banks have committed to update their mobile and online banking systems in time for the deadline, making it seamless for consumer participation. Companies, however, will have to update their creditor and payment software as well as their reader devices and scanning platforms to enable the receipt and payment of QR-bills.