Switzerland Starts Instant Cashless Payments System
By Stefan J. Bos, Chief International Correspondent Worthy News
GENEVA, SWITZERLAND (Worthy News) – The Swiss National Bank (SNB) unveiled a new instant payment system Monday, saying it will bolster the future of cashless payments in Switzerland.
Officials said some 60 financial institutions could receive and process instant payments, covering more than 95 percent of the alpine nation’s retail payment transactions.
“By end-2026 at the latest, all financial institutions active in retail payment transactions will be reachable,” the SNB added in a statement.
The central bank said the first institutions had already launched retail offerings enabling customers to send instant payments, with further banks to follow in the coming months
Switzerland’s new instant payment system will bolster the future of cashless payments in the country, the Swiss central bank said Wednesday after the scheme went live.
Skeptics suggest the scheme will lead to more government control over people’s lives.
Yet the SNB seemed more optimistic, saying that “Instant payments allow private individuals and companies to perform account-to-account transactions with immediate execution and final settlement in seconds,” around the clock
“This market launch represents a further important milestone and reflects the collective stakeholder commitment to the future of cashless payments in Switzerland.”
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