Switzerland's New Instant Payment System
Switzerland's new instant payment system has gone live, allowing for immediate account-to-account transactions, bolstering the future of cashless payments in the country.
Key Points
- Around 60 financial institutions now able to receive and process instant payments
- By end-2026, all financial institutions active in retail payment transactions will be reachable
- Instant payments are likely to become established in Switzerland in the medium term
Pros
- Allows for immediate account-to-account transactions
- Shorter settlement chains with funds immediately available
- Reflects commitment to the future of cashless payments in Switzerland
Cons
- High cash acceptance in Switzerland might slow adoption of instant payments