PayInit Taps Mastercard to Expand Swiss P2P Payments Overseas

Mastercard and PayInit are working to extend Swiss P2P payment services to recipients at home and abroad.

Participating Swiss issuers and payment providers will be able to offer card-based transfers through their existing digital channels.

Customers can send money through their banking apps using a recipient’s mobile phone number or email address without entering card or bank account details.

PayInit was founded by Viseca Payment Services and Cornèr Bank to provide shared payment infrastructure for Swiss issuers. The platform runs on Opentech’s OpenPay Send technology.

The service uses Mastercard Move to support domestic and cross-border transfers.

Mastercard Credential Services allows customers to send money using identifiers such as phone numbers and email addresses.

Issuers can add the service to their banking apps without each building and maintaining a dedicated integration.

The initiative is intended to complement domestic payment options while connecting Swiss users with international recipients.

The announcement did not disclose a launch date or identify the participating issuers.

Daniela Massaro, Country Manager Switzerland and Liechtenstein, Mastercard, said,

“Swiss consumers today expect to send money as easily as they send a message, whether to someone next door or across borders.

Mastercard Move and Mastercard Credential Services bring that simplicity directly into the apps consumers already trust.”

Michael Walther, Chairman of the Board of Directors of PayInit, said,

“With PayInit AG, Swiss issuers can rely on a shared, open and scheme-compliant infrastructure to bring global card-based P2P transfers to their customers.

The platform is designed to make the rollout of modern P2P services more efficient, while allowing each issuer to retain trust, control and the direct relationship with its customers.”

Featured image: Edited by Fintech News Switzerland, based on image by Frolopiaton Palm via Magnific

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