By Stefan J. Bos, Chief International Correspondent Worthy News
GENEVA, SWITZERLAND (Worthy News) – The Swiss National Bank (SNB) unveiled a new instant payment system Monday, saying it will bolster the future of cashless payments in Switzerland.
Officials said some 60 financial institutions could receive and process instant payments, covering more than 95 percent of the alpine nation’s retail payment transactions.
“By end-2026 at the latest, all financial institutions active in retail payment transactions will be reachable,” the SNB added in a statement.
The central bank said the first institutions had already launched retail offerings enabling customers to send instant payments, with further banks to follow in the coming months
Switzerland’s new instant payment system will bolster the future of cashless payments in the country, the Swiss central bank said Wednesday after the scheme went live.
Skeptics suggest the scheme will lead to more government control over people’s lives.
Yet the SNB seemed more optimistic, saying that “Instant payments allow private individuals and companies to perform account-to-account transactions with immediate execution and final settlement in seconds,” around the clock
“This market launch represents a further important milestone and reflects the collective stakeholder commitment to the future of cashless payments in Switzerland.”
Copyright 1999-2024 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest Stories from Worthy News
Saudi Arabia has softened its position on Palestinian statehood, telling Washington that “a public commitment” from Israel to a two-state solution “could be enough” for the Gulf kingdom to normalize relations with the Jewish nation, according to Saudi and Western officials.
One may be forgiven for thinking twice about enjoying a coffee here. Yet a South Korean border observatory overseeing a quiet North Korean mountain village was precisely where the Starbucks coffee chain decided to open an outlet on Friday.
British legislators have agreed to legalize assisted dying for some terminally ill people, despite concerns the law could be misused to pressure patients deemed ‘unfit’ to live longer.
Setting a benchmark for jurisdictions worldwide, Australia has banned social media for children under 16. with the government saying that ” the safety of our kids is a priority.”
Protesters in Serbia stood in silence for 15 minutes on Friday for the victims of a roof collapse in a northern city that killed more than a dozen people and underscored concerns about corruption in the Balkan nation.