Joint Swiss payment app imminent
Postfinance and SIX want to launch a joint payment app and thus arm themselves against Apple. Apparently, the two companies seem to have come to an agreement on the important points.
As early as March 2016, it became concrete that the main competitors in mobile payments had decided to take a joint path instead of fighting each other (Werbewoche.ch reported). For good reason: If Apple enters the Swiss market with Apple Pay, the competition will have to be strong in order to survive. This will be difficult with various individual solutions - a uniform Swiss solution is required.
As the Sonntagszeitung writes in its current issue, the negotiations are apparently close to a breakthrough. According to circles familiar with the negotiations, the parties have reached agreement on important points and found technical solutions. Now it is a matter of defining the organizational structure behind the joint app.
Retailers are particularly interested in a joint solution. They are afraid of the effort involved in using different systems. On the other hand, the banks are exerting pressure and want to standardize the system - and be involved in the solution. According to insiders, Postfinance will now have to give in. The company, which recently joined the Swiss Bankers Association, currently has the most advanced proprietary solution with Twint. Twint can already be used to pay at Coop, for example, while the competing product Paymit is only in a trial phase in this respect.
It is possible that Postfinance will be cooperative and give up its lead in favor of a joint solution. According to the Sonntagszeitung, Swiss Post managers are exerting pressure behind the scenes because they want permission to grant loans. This is forbidden for Swiss Post today, but makes life difficult for it in times of negative interest rates. That's why they probably don't want to gamble away any goodwill on the app issue. (hae/SoZ)
