We will live without cash in the near future

Mobile Payments Smartphones and watches are taking hold more quickly than expected in Switzerland as electronic wallets in shops and private.

The cold hard coins of the realm and the Swiss banknotes are they already endangered? Bank and credit cards – more than 6 million in Switzerland – are used increasingly to pay small amounts. But these are smartphones and new technology watches that could sound the death knell, faster than thought, physical currency. Already today, we can easily and quickly pay for purchases in many shops without leaving the wallet from pocket or to exchange amounts of owners using the mobile phone. Technically, therefore, could already pay salad market penniless!

In the United States, Scandinavia and China, the electronic wallet included in the smartphone, tablet or other mobile device, entered in manners as payment purchases or provision of services, such fast food or a taxi. In Switzerland, businesses equip themselves currently in high speed to offer this benefit. So fast that cashiers to easily use without any training on the system!

The green wave Twint

In this race for contactless mobile payment, the Twint application, launched last year by a subsidiary PostFinance, is poised to win the first race since after the Coop chain stores, SBB, post offices or the canteens of SV group, the company has joined the Migros group, with its various brands, which will incorporate this solution into its own application by early 2017.

More than 10 000 aircraft shaped green tag, connected to the body, are already installed in the shops of the country. Any consumer can use the Twint application, by means specific to its banking and financial relations. When paying its purchase, simply close its mobile tag and accept the ticket displayed on the screen. Small traders who opt for this solution favor the transfer from mobile to mobile, tablet or other computing device. But it is the user who sets up how much he wants to pay with this virtual wallet without using a code (PIN). A payment method used from the age of 12!

But other major players will arrive in the coming months in the shops with their solution. The main one is the Paymit payment application, developed by Swisscom and SIX company that manages the infrastructure of the Swiss financial center. Their first partners are UBS, several cantonal banks – including the BCV and BCGE – and Raiffeisen.

UBS already allows the transfer of money between smartphone users – for a limited amount – as well as other services, such as sharing a restaurant bill. For BCV clients, the Paymit application, integrated into the BCV mobile application will be available in early March and the end of the year at BCGE. But it is not necessary to be a client of these institutions to use Paymit, free as Twint. It is notable that several banks have chosen to partner with the latter system, the BCGE, who “plays” well on both counts.

Another alliance, behind which there is Credit Suisse, American Express and the Aduno Group – or Viseca Card Services, a leading issuers of MasterCard and Visa credit cards – plans to launch the second half of its digital wallet, Swiss-Wallet for terminals such as watches or portable devices.

The alternative Bellamy

But another alternative to credit cards, which already allow contactless payments, promises to soon awaken our attention. Not the connected watches, which are “tools” like payment to smartphones, but Swatch watches of last generation. Bellamy model was recently launched in China and it will land in the United States, Brazil and in our country. The Biel-based group associated with Visa, gives no date, but merely stated that in the Middle Kingdom, the “launch is a success.” The Swatch Bellamy, who works as a prepaid card, also allows for contactless payments. It uses NFC technology for short-range communication, integrated with number of card payment devices.

Pending the arrival of the giant apple pay and other Google Wallet, and face very eager Swiss players, pay-shows will struggle to pierce.

Manual

The green tag Twint sweeping Swiss Formula: you can use the mobile payment app Twint by connecting or not a Postfinance account or one of the member banks in the system. But you can also load the digital wallet with a prepaid card, a payment slip or postal banking.

Exchange System will enable a smartphone to smartphone money transfer, pay for a good or service without the other equipment, for example the market.

Amounts The e-wallet holds credit up to 250 fr. if only recorded his mobile phone number. By registering your personal data can be loaded 3000 fr. maximum per day and 5,000 francs. per year. Loading up to 60,000 francs. is possible, with identification by scanning a piece of identification.

Technology Once all registered purchases, cash from a store, the connection of the mobile phone with the green tag is via Bluetooth. The ticket appears on the screen and the client agrees with simple finger touches. If trade is private network, the operation is done off-network. The flow rate occurs when the customer out of the building (24 hours).

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