UBS Gains Partners With Prominent Players To Launch A Peer-to-Peer Payment App

With Paymit (a combination of "Payment" and "Transmit"), UBS and Zurich Cantonal Bank, together with SIX as the infrastructure provider of the Swiss financial centre, are offering the first P2P payment app in Switzerland based on a common banking standard. This means that Paymit can be used by anyone living in Switzerland, irrespective of whether they bank with UBS, Zurich Cantonal Bank or another bank. The only thing needed to use the app is a Swiss mobile phone number and, depending on the app, a bank account and/or a credit or prepaid card.

Paymit has been developed by SIX as an open system that can be used by any bank. Alongside SIX, UBS and Zurich Cantonal Bank will initially offer Paymit actively to their clients with other banks expected to adopt the new payment system soon. Credit Suisse and Raiffeisen have also expressed an interest and are considering implementing it in the near future. All the solutions are based on the same standard and comply with the highest security specifications.

For transactions to be processed successfully, both the person making the payment and the person receiving it have to use Paymit. It doesn’t matter whether the users are using UBS’s payment solution or Zurich Cantonal Bank’s or the independent solution from SIX.

Paymit is looking to the future: Use of the app in retailing (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.

This innovative service reflects our mission as the core technology partner of the Swiss banks, while also meeting the needs of today’s consumers. We would like to thank UBS and Zurich Cantonal Bank for their support in developing this innovative payment system, said Urs Rüegsegger, SIX Group CEO, in an official press release.

Paymit is our answer to the new customer demand to make payments anywhere and at any time quickly and easily, commented Andreas Kubli, Head of Multichannel Management & Digitization, UBS Switzerland AG, in an official press release.

With Paymit we have created the first Swiss-wide system for immediate payment from bank account to bank account; ideal for payments to family and friends and purchases on Internet auction platforms. By integrating it in our eBanking Mobile App we have ensured a consistent customer experience, said Raoul Kriesi, Head of Card Banking & ATM at Zurich Cantonal Bank, in an official press release.