Visa and Mastercard to simplify global transfers from Switzerland

Visa and Mastercard aim to simplify international money transfers Keystone-SDA

Credit card giants Visa and Mastercard are using the Swiss Payinit platform to simplify international money transfers for Swiss bank customers.

Both groups are collaborating with Payinit, the Swiss joint venture between Viseca and Cornèr Bank. Payinit is developing a shared platform through which Swiss banks and other card issuers can integrate Visa and Mastercard’s services into their own digital offerings.

Customers will still be able to send money directly via their usual banking app. Individual institutions will not need to set up their own technical connections to the international payment networks.

Transfers are also set to be possible without knowing the recipient’s card or account number. A registered mobile number or email address will suffice. Depending on the service, the money can be transferred to a payment card, a bank account or a digital wallet, for example.

Visa Direct and Visa+ plus Mastercard Move and Mastercard Credential Services will be available on Payinit.

The aim is to simplify cross-border direct payments between individuals, which are often still slow and cumbersome, said Santosh Ritter, head of Visa Switzerland.

Daniela Massaro, head of Mastercard Switzerland, said that customers expect money transfers to be as easy as sending a message anywhere in the world.

The Payinit platform is to be open to all Swiss card issuers and providers of mobile payment solutions. The technical infrastructure is provided by the company Opentech.

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Translated from German, reviewed by an English Department journalist.