V PAY cards have been issued in Switzerland by UBS and Raiffeisen since early 2014.
In partnership with SIX, Hypothekarbank Lenzburg is now introducing a step change innovation: the entire portfolio of 22,000 debit cards has been replaced by the new dual-interface V PAY card, that enables both contactless and regular transactions.
Contactless payment is enjoying huge worldwide growth, and will soon gain momentum in Switzerland, due to the increased efficiency at check-out that it provides for merchants as well as the ease-of use for consumers.
In addition, V PAY provides high level security as all transactions are solely chip-based.
SIX supports the Hypothekarbank Lenzburg with a comprehensive package that includes consulting services for the specification of the high security chips as well as the central project co-ordination with VISA as card scheme and the personalisation bureau, and of course the full issuer processing services.
Being the central technology partner of Swiss banks, SIX has a pioneer role when it comes to introducing new and innovative products.
For Marianne Wildi, CEO of Hypothekarbank Lenzburg, the decision to go for a total novelty was easy: "Although we are a small bank we wanted to be at the forefront of the industry – and as our established partner, SIX was ideally placed to facilitate the initiative." The technical implementation was not difficult for the bank, says Wildi, as the adaptions to the core banking system were minimal and SIX assumed the role of central project coordinator.
Being a leading Swiss Acquirer, SIX is first contact for merchants and ensures the nationwide acceptance of V PAY payments at SIX terminals.
