Swiss banks expected the move for quite a while, now it looks imminent: Apple will introduce its Apple Pay application in Switzerland shortly, according to research by finews.ch. The banking heavyweights however will keep their distance.
The Swiss banks are soon facing a challenge from a non-banking heavyweight: Apple, the U.S. electronics giant, will introduce its Apple Pay application on June 13, according to sources in the fintech industry.
The local industry expected the move for quite some time after Apple registered Apple Pay at the end of February.
Partnering with Cornèr Bank
Apple is taking the long-anticipated market leap without the support of the Swiss financial-services establishment. According to the sources, Apple will launch its payment application with Cornèr Bank, which already cooperates with Swatch.
Apple and Cornèr have yet to comment on the report.
Swiss Counter Moves
The banking industry is rushing to counter Apple's move. Two weeks ago, it was announced that Twint and Paymit will merge. The Swiss product is supported by a string of Swiss banks, retailers, telecommunications company Swisscom and SIX, the stock-exchange operator.
The Swiss regulator has yet to approve the merger of Twint and Paymit. Apple Pay meanwhile has one big advantage over Twint as it is based upon the NFC technology and thus able to connect with the payment terminals of most Swiss retailers.
