A new application has been launched in the world of digital payments systems in June 2015: the UBS Paymit application. Halfway between ‘Payment’ and ‘Transmit’, Paymit is a free money transfer application developed by SIX, the Swiss financial infrastructure provider, in collaboration with UBS and Zurich Cantonal Bank.
With already more than 15,000 downloads, Paymit gives smartphone owners the possibility to send and receive money to or from any of their contacts with no transactions charges. The overall procedure takes less than 5 minutes. All users need to do is register with a Swiss bank account and/or credit card, and then make or request a transfer. Users do not even have to be UBS clients to use the app.
What makes this app so useful? Certainly the absence of a banking device (a PIN is enough to log in), a very clear and user-friendly display, real time processing and the guarantee of a secure mobile banking system. Ultimately, this app was designed to answer basic day-to-day needs, like reimbursing a friend for having bought cinema tickets or having paid for a meal.
This first version is likely to improve. Indeed, the app is currently a P2P solution, meaning one can only send money to private individuals. Transfers are possible only in CHF. And, while the app is available for IOS and Android operating systems, it leaves Windows and Blackberry users aside. However, with Credit Suisse and Raiffeisen having already expressed their interest in this system, chances are that the app may be further developed and eventually used in retail.
Photo credit: relexahotels via Pixabay, CC0 Public Domain License
Source: UBS Press Release "SIX, UBS and Zürcher Kantonalbank launch the payment app Paymit", April 28, 2015
Interesting App. It's a bit strange that it is not stronger advertised by UBS.
Seems to be part of a trend to abandon carrying cash: if you combine this App with the NFC payment now available on bank cards and soon even on smartphones, then there is virtually no need to carry around coins and bank notes.
Money would become a truly virtual thing.
Thanks for your comment Eduard, I would say that indeed we tend to abandon carrying cash but the trend is more about centralising our activities around our Smartphones, as if it was an extension of ourselves 🙂