On September 23, PayLife will be rebranded: PayLife Bank GmbH is renamed SIX Payment Services ( Austria ) GmbH. With this step, a two-year integration phase is successfully completed. In September 2013, the Swiss financial services provider SIX acquired PayLife, the market leader for cashless payments in Austria, from the Austrian banks. Since then PayLife has been a wholly owned subsidiary of SIX and integrated into SIX Payment Services.
SIX is a leading financial services provider in the center of European payments. With the acquisition and integration of PayLife SIX underlines its goal of driving international growth and its ambition to be among the leading European providers of card-based payments.
Customers of SIX Payment Services in Austria have already been benefiting from the merger due to the increased competitive power of SIX, its extensive portfolio and its expanded presence in 25 countries.
Dr. Urs Rüegsegger, CEO SIX Group: "Thanks to our internationalization strategy SIX was able to grow and generate more business volume in recent years, particularly in Europe. The successful integration of PayLife in SIX is an important contribution to the overall internationalization process."
The PayLife brand remains
SIX Payment Services keeps PayLife as product and service brand for its comprehensive credit card and prepaid card portfolio. The PayLife brand thus continues to exist amongst card holders.
International business growing
SIX Payment Services is an internationally growing division of SIX. In 2014, SIX processed 25.7 million credit, debit and other payment cards or 3.16 billion card transactions. Together with Switzerland and Luxembourg, Austria is one of the home markets of SIX. Jürg Weber, Division CEO SIX Payment Services: "Our business in Austria has substantially contributed to the overall result of SIX during the past two years. I am delighted that from now on PayLife appears under the joint strong brand SIX and makes the values of SIX visible in Austria."
Innovations in the field of SIX Payment Services
SIX stands for state of the art financial technology - efficient, safe and stable. Thanks to the infrastructure of SIX the Swiss financial sector is one of the world's most powerful financial centers. SIX continuously drives the development of innovation for the Swiss financial sector and specifically supports FinTech in Switzerland and abroad for the benefit of its customers.
In the card business, too, SIX continues to focus on innovation. End of May 2015 SIX has launched the first mobile payment app – Paymit – in collaboration with Swiss banks. Paymit is a P2P solution, where users can make or receive payments through their smartphone. For the time being, Paymit is available for person-to-person payments in Switzerland only. The aim is to establish nationwide acceptance of Paymit with a broad merchant base.