Paymit – a roadmap to success by SIX – up to two million users expected by 2017

Paymit – a roadmap to success by SIX – up to two million users expected by 2017

With Paymit, SIX is launching the first Swiss-wide payment app that is open to all banks. UBS and Zürcher Kantonalbank are the first banks to offer their customers the option of paying with Paymit. In this interview we asked Pedro Deserrano, Chief Marketing Officer of SIX Payment Services, about his views on Paymit and the potential of the new app.

What advantages does Paymit offer for banks and their customers?

Pedro Deserrano: Paymit is an open system available to everyone – simply by downloading the app from iTunes or Google Play. Since we are offering Paymit in collaboration with banks, we have an ideal distribution system.  When it comes to payments, people trust their banks; Paymit is not just a random app that users download from someone they don't know.  The app comes from a bank and is integrated in its e-banking; that makes it secure, credible and trustworthy. Paymit is part of the Swiss payment ecosystem and has very high security standards. And let us not forget: Paymit is fast, makes life easier and is simply fun to use!

If you were to look into the future, where will Paymit be in two years?

Pedro Deserrano: Studies show there are still around 87 billion Swiss francs in cash in circulation in Switzerland. If we succeed in replacing just five percent of this with Paymit, this would be an amazing achievement. Our goal is to acquire up to two million customers within the next two years. With the two flagship banks we currently have on board that offer Paymit to their customers – UBS and ZKB – we are confident that we can achieve these ambitious goals. Other potential banking partners have already expressed their interest.

... and what will the future of cashless payments be?

Pedro Deserrano: Let’s be honest, banks are afraid of Apple Pay and other comparable solutions and the fact they could lose deposits. We hope that, with Paymit, we can develop a broad network boasting numerous consumers and retailers within the next two years. Peer-to-peer payments are a fascinating part of the financial world, and P2P has only just started …

The market for mobile cashless payments is changing at a rapid pace. What should retailers expect? What challenges will they be faced with, what shouldn't they miss out on?

Pedro Deserrano: The next step on our roadmap to success is to offer the app to retailers. It will simplify their lives and the lives of their customers to a significant degree, since the transactions are executed in real time. And, last but not least, we hope we will be able to persuade as many retailers as possible to integrate Paymit into their point-of-sale systems. Our strategy is to start off by creating a large network of Paymit users. The more members Paymit has, the more interesting it will be for merchants.

Thank you, Mr Deserrano, for this interview.