SIX Payment Services: P2P-Payment-App “Paymit” for Switzerland

Zurich, 04 June 2015: SIX Payment Services is launching a new Peer to Peer (P2P) Payment App together with two Swiss banks (Zürcher Kantonalbank and UBS) in Switzerland. With Paymit, users can make or receive payments through their mobile phone – quickly, easily and securely.

Thus, SIX and the participating banks offer a comfortable alternative to payments that are still very often made by cash. With this solution, SIX Payment Services supports the Swiss banks in competing against non-financial institutions and their digital wallets. Supported by SIX, Swiss banks are positioning themselves in a future-oriented manner and expanding their economic advantages in the long term. SIX Payment Services is exploring the possibilities for Paymit in other European countries.

With Paymit, a combination of the words ‘Payment’ and ‘Transmit’, SIX Payment Services is offering the first Peer to Peer (P2P) Payment-App in Switzerland that is based on an open payment standard. Paymit can be used in Switzerland for payments, regardless if the customer is a client of Zürcher Kantonalbank, UBS or any other Swiss bank. The concept of an open infrastructure will support the rapid spread of Paymit. For financial institutions, peer-to-peer- payment offers a great opportunity to enrich and deepen their relationship with existing customers. Through P2P and mobile services, banks can bridge the gap between digital services and traditional banking. In addition to UBS and ZKB, Credit Suisse and Raiffeisen have also expressed their interest in the payment app and are currently considering implementation.