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Old 27.07.2015, 12:26
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Recommending UBS Paymit

A friend introduced me to this app from UBS
https://microsites.ubs.com/paymit/en/

so far loving it, it's for small immediate payments with no fees but I understand it goes up to a few hundred, no ubs account needed. I have no idea how they are doing this for free.

I'm not in anyway affiliated with UBS I'm just loving the convenience of this.
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Old 27.07.2015, 13:38
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Re: Recommending UBS Paymit

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A friend introduced me to this app from UBS
https://microsites.ubs.com/paymit/en/

so far loving it, it's for small immediate payments with no fees but I understand it goes up to a few hundred, no ubs account needed. I have no idea how they are doing this for free.

I'm not in anyway affiliated with UBS I'm just loving the convenience of this.
ZKB also are part of the Paymit system. However they charge CHF20.00 a year after the first year. You can use the UBS free system by registering a nycredit card to debit/credit card...
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Old 28.07.2015, 00:45
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Re: Recommending UBS Paymit

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...I have no idea how they are doing this for free...
When you go through their registration process, you will notice that you have to (1)provide a credit card (that's where they take money from that you pay to someone) and (2)a Swiss account# to be able to transfer money to you when you receive any.

(2) is free for UBS/ZKB, but (1) incurrs the usual credit-card costs any vendor would incur (except a UBS/ZKB customer uses his UBS/ZKB card). I guess they get preferential rates, but they still have to pay something. As a summary, by providing this service as-is they currently incur a loss.

This strategy allows to
  • gain customers
  • gather experience in mobile-payment-market
  • establish the product in the Swiss market
Future options:
  • introduce fees
  • allow payments to vendors, where vendors have to pay a fee (credit card replacement)
  • restrict usage to own (UBS/ZKB) credit cards
Short summary: I think as things stand right now it's not designed to make a profit - that will be a later, second step.
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Old 28.07.2015, 10:21
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Re: Recommending UBS Paymit

... and see how popular ApplePay becomes.
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