Swiss banks, retailers to launch mobile payments platform for shoppers

Switzerland's five biggest banks and some of the country's main retailers will launch a digital payments system later this year enabling consumers to pay for goods by mobile phone and other digital devices, the companies involved said on Friday.

Supermarket chains Coop, Migros and telecom operator Swisscom are participating in the scheme, which will be open to other retailers as well.

Banks UBS, Credit Suisse, PostFinance , Raiffeisen and ZKB are taking part in the platform that will enable consumers to pay for everything from food and drinks to ski passes by smartphone.

The five banks and financial infrastructure group SIX will now set up a company to run the "TWINT" system.

PostFinance and SIX have already launched their own mobile payment systems which will be combined when the new system goes live, creating one Swiss system that other retailers can join.