According to the press release, the talks are "open-ended". They are intended to clarify whether and to what extent a joint, strong and customer-friendly mobile payment system can be rolled out "across all channels, across the board and quickly" in Switzerland. Although the recently launched mobile payment solutions from Postfinance (Twint) and SIX (Paymit) have met with interest from consumers, retailers and banks, they differ in terms of usage options and their technological backgrounds. The various financial service providers are now examining the possibility of working together to offer Swiss consumers and retailers an integrated and standardized solution for digital payment transactions.
Swiss Post and Postfinance have a mandate from the Federal Council to provide a payment transaction infrastructure for Switzerland. SIX and the banks, in turn, want to be able to offer their customers a direct and secure interface. There is therefore agreement between the parties that talks to evaluate a solution adapted to Swiss requirements are sensible and necessary, according to the press release.
Common solution for all market participants
The joint solution could be used by all customers and would be open to all merchants, banks, payment card issuers and other market participants. Existing customer contracts would be transferred depending on the solution. Investment protection for business customers with regard to infrastructure and system adaptations would remain guaranteed, the participating parties write.
The parties involved will inform the public about the initial results of the talks by the beginning of May at the latest. In the meantime, the development of the two solutions will continue unchanged. Announced new functions of Twint (digital stamp cards, couponing, direct account connection) and Paymit (payment at the point of sale, in-app payment, payment in e-commerce) will be introduced as planned regardless of the progress of the talks.
Trembling before Apple
With the possible alliance, the largest Swiss financial institutions want to arm themselves against the imminent market entry of Apple Pay - instead of fighting each other as before. Until now, Six and Postfinance have been trying to win over the banks to their solutions. The fear of Apple does not seem unfounded. Not only because the Swiss target audience for mobile payment extremely iPhone-savvy but also because Apple has already enjoyed resounding success with Apple Pay in the USA and has been able to assert itself against its competitors.
Apple's market entry may not be long in coming. According to the US company Finews.ch In March, the Apple Pay brand was registered with the Swiss Federal Institute of Intellectual Property. And patents have long since been registered in the USA that are also making the local financial sector sit up and take notice: For example, the retrieval of account information in order to be able to place targeted advertising on mobile devices. An indication that Apple not only wants to get into personal finance management, but also into the sale of financial products. Apple has also filed a patent for peer-to-peer payments - the very service that Paymit and Twint offer. (hae)