Currently, payments between Swiss bank accounts are typically processed the following day. From 20 August 2024, Swiss banks will start to roll out instant payments within Switzerland, reported RTS.
The new instant payment system will move money within 10 seconds and will operate around the clock seven days a week. In addition to speed, the payments will be cheaper than paying by card – cards typically charge merchants interchange fees, something created by card companies to incentivise banks to issue cards.
From 20 August, many banks will be able to offer this new form of payment and most are expected to roll it out by the end of 2024. Smaller banks operating in Switzerland will have until the end of 2026 to add this new rapid form of payment.
By the end of 2024, 95% of transactions within Switzerland should be covered, according to one expert.
Swiss bank customers will still need to find ways to avoid the high costs hidden in transactions made to retailers abroad.
More on this:
RTS article (in French) – Take a 5 minute French test now
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