SIX and Swisscom join forces with Swiss banks to promote Paymit and create added value for customers and retail
SIX and Swisscom are working towards a strategic partnership to establish a Switzerland-wide, universal mobile payment solution in collaboration with banks. The basis for this partnership has been established in May 2015 when SIX, UBS and Zürcher Kantonalbank launched the Paymit payment solution
Paymit will now enter the next phase with the expansion to retail and commerce segments. . SIX and Swisscom are confident that this will generate added value for customers and business. Both companies also aim to develop state-of-the-art services to transform the customer shopping experience.
Paymit is at the heart of a strategic partnership between SIX and Swisscom. The app currently allows customers to send and receive money via their smartphones, and will also offer them the opportunity to make cashless payments in stores or online. The amount is booked in real time via the app and the registered account or credit card. In the future, Paymit will offer additional services such as loyalty point schemes or the creation of individualy tailoredl offers for customers. Companies and customers alike will benefit from a comprehensive payment and customer
interaction solution, first special offers are scheduled for release as early as the beginning of 2016.
Working together with banks to accelerate the uptake of Paymit
For SIX and the participating banks, such as UBS, Zürcher Kantonalbank, Banque Cantonale de Genève, Banque Cantonale Vaudoise, Luzerner Kantonalbank and Raiffeisen, the main benefit of the planned collaboration with Swisscom is that Paymit will spread more rapidly in the Swiss market. Swisscom will ensure that smaller banks too will be able to get connected to Paymit. “We believe in the Swiss financial centre and want to create a Swiss solution that can act as a counterweight to international players,” explains Swisscom CEO Urs Schaeppi. By quickly establishing the app in the market and providing a customer interaction solution, Paymit will become an even more attractive option for businesses and customers alike: “We are confident that the partnership between SIX and Swisscom will help establish Paymit as a mobile payment solution. The key objective for SIX is that all Paymit users and the participating banks benefit equally,” says SIX Group CEO Urs Rüegsegger.
Customers and business set to benefit
Swisscom will press ahead with the development of supplementary services enhancing the shopping experience. For example, customers will be able to collect loyalty points for their purchases that they can then use for their next shopping trip, and retail companieswill be able to provide their customers with information on products and special offers. “Digitisation opens up numerous opportunities to improve the customers’ shopping experience. And thanks to Paymit, it will be even easier for businesses to take advantage of these new possibilities,” says Swisscom CEO Urs Schaeppi.
Swisscom has decided to phase out the payment function on its own innovation project, Tapit, by summer 2016. Despite the company’s best efforts, the number of active users and credit card providers on Tapit has remained well below expectations. The discontinuation of the Tapit payment function will free up resources in mobile payment, which Swisscom can invest in its partnership with SIX.