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Banks Partner for P2P 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.

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