Mastercard has partnered with PayInit AG and Opentech to launch interoperable, card-based P2P payments for Swiss bank customers.
Mastercard has announced a joint initiative with PayInit AG, a Switzerland-based industry infrastructure provider for card-based P2P transfers, and technology partner Opentech, aimed at bringing interoperable and globally connected P2P payments to consumers in Switzerland. The initiative allows Swiss issuers to offer cross-border P2P transfers while retaining direct control of the customer relationship.
PayInit AG was founded by Viseca Payment Services SA and Cornèr Bank Ltd. to bring Swiss card issuers together around a shared, scheme-compliant infrastructure for P2P payments. The platform runs on technology from Opentech, through its OpenPay Send system, which allows issuers to integrate P2P functionality directly into their own digital banking channels. Mastercard supplies the underlying card rails and money movement infrastructure that extends the service beyond domestic borders.
Two Mastercard capabilities underpin the offering: Mastercard Move, the company's portfolio of money movement services, which was designed to support transfers across markets, payment types, and borders, and Mastercard Credential Services, which allows senders to initiate transfers using identifiers such as a mobile phone number or email address rather than card or account details.
According to the companies, the model is intended to complement existing domestic P2P solutions rather than replace them, using Mastercard's global card network to extend the reach of Swiss transfers internationally. At the same time, participating issuers can adopt the PayInit infrastructure without building individual integrations, which the companies say reduces the technical and operational burden associated with cross-border P2P connectivity.
How the service works
Consumers can send funds directly from their banking application using a recipient's mobile phone number or email address, without needing to know the recipient's card or account details. Transactions are routed through participating issuers via the PayInit infrastructure and processed using Mastercard's money movement capabilities, connecting senders in Switzerland to recipients both domestically and abroad.
Daniela Massaro, Country Manager Switzerland and Liechtenstein at Mastercard, said Swiss consumers increasingly expect to send money with the same ease as sending a message, and that Mastercard Move and Mastercard Credential Services bring that functionality into applications already used by consumers. Furthermore, Michael Walther, Chairman of the Board of Directors of PayInit AG, said the shared infrastructure allows Swiss issuers to roll out P2P services more efficiently while retaining direct control of the customer relationship.
The initiative reflects a broader trend among card networks and domestic payment infrastructures to extend local P2P schemes internationally through interoperable rails, rather than developing separate bilateral connections between markets.
