Swiss card issuer launches new money transfer service with Mastercard

Swiss Bankers is offering international peer-to-peer money transfers to its clients

Swiss Bankers

Swiss card issuer launches new money transfer service with Mastercard. Source: shutterstock.com

Swiss Bankers launched the new money transfer service called “Send” leveraging the Mastercard Send platform. Due to collaboration with Mastercard, the Swiss prepaid card issuer will be able to make secure international payment transfers to 18 countries via an app. This way, people will receive their money to bank accounts, digital wallets, eligible Mastercard cards, and soon, cash pick-up points.

Swiss Bankers is the first card issuer in Switzerland that provides a service offering the option of sending money directly to bank accounts and digital wallets in different countries. Soon it will be possible to transfer money to cash pick-up points for collection too.

Based on our successful portfolio of prepaid card services, tapping into money transfers as a complementary business segment is a logical step for us. The popularity of simple peer-to-peer payment options is more than just a local phenomenon, they’re picking up momentum for international payments too. Our Prepaid cardholders can easily access this service, independent of a traditional bank account or digital wallet. Using our Prepaid cards not only to make payments but to be able to send and receive money, is a crucial step towards offering greater convenience and choice to our customers
Hans-Jörg Widiger, CEO of Swiss Bankers

The service is currently available to all Swiss Bankers cardholders, within the ‘My Card’ app. Users can select the payment type, the destination and amount to transfer. The recipient receives predictability with guaranteed currency conversion rates and certainty of transferring money within as little as 30 minutes.

International money transfers are currently available to 18 countries, expanding to more countries in 2020. Today, international peer-to-peer payments can be made from Switzerland to Brazil, the Dominican Republic, India, Kenya, Morocco, Mexico, Pakistan, Peru, the Philippines, Poland, Romania, Serbia, Slovakia, Sri Lanka, Turkey, Hungary, the USA, and Vietnam.

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