Finaro teams with Payrexx to bring Samsung Pay to Switzerland

Tuesday 12 April 2022 12:25 CET | News

Malta-based Finaro and Switzerland-based Payrexx have announced they will open the global marketplace for Swiss merchants and consumers by enabling acceptance of Samsung Pay.

Finaro will act as acquirer for Samsung Pay transactions conducted through Payrexx’s merchants in Switzerland. The news of this partnership is an augmentation for Swiss merchants who, through Finaro and Payrexx, will be able to have a more global reach, create different services, and have access to personalised support.

Globally, the use of mobile devices to make payments is on the rise and is set to grow from USD 1.97 trillion in 2021 to USD 11.83 trillion by 2028, as per the press release. This momentum is being fuelled by the widening accessibility of alternative payment methods like Samsung Pay. The use of mobile payments has risen in Switzerland, with alternative payment methods already used by 12% of Swiss consumers in 2021, says Finaro.

In the 2021 dossier by Statista, Mobile Commerce in Switzerland, the majority of respondents strongly agree that payment apps will make everyday life easier for buyers online and offline and in 2025 will be used at least monthly by one-quarter of consumers. Mobile payments specifically are registering increased adoption in Switzerland, with mobile apps having grown in ownership from 11% in 2017 to 48% in 2020, according to the Swiss National Bank.

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Keywords: mobile payments, Samsung Pay, partnership, merchants, growth markets
Categories: Payments & Commerce
Companies: Finaro, Payrexx, Samsung Pay
Countries: Switzerland
This article is part of category

Payments & Commerce





Samsung Pay

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