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Paymit success continues

BCGE, BCV, LUKB and Raiffeisen join the new payment app Paymit 

With Banque Cantonale de Genève (BCGE), Banque Cantonale Vaudoise (BCV), Luzerner Kantonalbank (LUKB) and Raiffeisen four more Swiss banks will offer the peer-to-peer (P2P) payment solution «Paymit» of SIX nationwide. Paymit allows individuals to request and make payment transfers by smartphone – quickly, securely and easily.  

With Paymit four more Swiss banks – after UBS and Zürcher Kantonalbank – will soon be offering the first P2P payment system in Switzerland that is based on a common banking standard. This means that Paymit can be used by all Swiss residents, irrespective of which bank they are customer of. The only requirement for using the app is a Swiss mobile phone number and, depending on the app version, a bank account and/or a credit or prepaid card.  

Paymit has been developed by SIX as an open system in order to be used by any bank. Alongside SIX, UBS and Zürcher Kantonalbank have been actively offering Paymit to their clients since this May. All solutions are based on the same standard and comply with the highest security regulations. Any Swiss bank has thus access to Paymit and can offer the P2P solution to their customers.  

Roland Altwegg, Head Products and Cooperations at Raiffeisen Switzerland, comments: «For us as a leading retail bank, security, simplicity and standardization are critical success factors. Paymit unites these aspects and offers our customers an ideal start into digital payments.

Paymit is clearly focused on the future: the use of the app with merchants (point-of-sale, in-app and e-commerce) is in preparation. The aim is to work with retailers to make Paymit widely accepted as a means of payment as quickly as possible.  

With Raiffeisen, BCGE, BCV and LUKB we welcome four more banks who support us in making this modern means of payment popular», said Urs Rüegsegger, Group CEO of SIX. This shows that we succeeded in launching an attractive product. It is our aim to establish Paymit as cashless payment alternative on the market