Merchants in Switzerland will now be able to use Samsung Pay following a partnership between Finaro, a cross-border payment provider and fully licensed bank empowering international commerce through payments, and Payrexx, the Swiss-based all-in-one cloud-based payment solution provider.
The news of this partnership is a welcome step forward for Swiss merchants who will be able to secure a more global reach, create value-added services and have access to personalised support.
Globally, the use of mobile devices to make payments is on the rise, and is set to grow from $1.97trillion in 2021 to a staggering $11.83trillion by 2028. This momentum is being fueled by the widening accessibility of alternative payment methods like Samsung Pay. The use of mobile payments has risen strongly in Switzerland in recent years, with alternative payment methods already used by 12 per cent of Swiss consumers in 2021.
In the 2021 dossier by Statista, Mobile Commerce in Switzerland, the majority of respondents strongly agree that payment apps will make everyday life easier for buyers online and offline and in 2025 will be used at least monthly by one-quarter of consumers. Mobile payments specifically are registering robust growth in Switzerland, with mobile apps having grown in ownership from 11 per cent in 2017 to 48 per cent in 2020, according to the Swiss National Bank.
Samsung Pay will empower Swiss merchants to serve more international shoppers who will be able to make purchases through Samsung Pay. Also, Swiss consumers can now use Samsung Pay to make more purchases internationally, as local mobile payment services like Twint are not accepted outside of Switzerland.
Finaro was recently acquired by Shift4, a company that is headed by Jared Isaacman, for $575million in a move for both companies to be better positioned to provide merchants with a global multi-dimensional payment solution.
The acquisition was hot on the heels of numerous landmark moments for Finaro, following its rebranding from Credorax at the end of 2021 to better embody its values as a payment provider and merchant partner, its recent senior appointments to support its expansion into new markets and its achievement of handling over $10billion in total processed volume for over 5,000 merchants so far.
Achiya Fried, CCO of Finaro, comments: “Finaro’s partnership with Payrexx sets the stage for Swiss merchants to broaden their appeal at home and globally through the acceptance of alternative payment methods such as Samsung Pay.
“At Finaro, our mission is to open up the unlimited possibilities available through digital payments, and enable everyone to take part in global commerce, untethered by geography or technology. Launching Samsung Pay in Switzerland is the perfect illustration of how Finaro is going above and beyond for merchants and their customers.”
Samsung Pay allows consumers to turn their Samsung Galaxy smartphone or smartwatch into a digital wallet, carrying credit, debit and loyalty cards to use almost everywhere contactless payments are accepted. Samsung Pay can be used for in-store payments (at virtually any terminal where contactless cards are accepted), within participating websites and in-app purchases within supported apps. With each transaction covered by the consumer’s bank fraud protection policy, and authenticated by fingerprint or PIN number, Samsung Pay is a safe and secure way for Swiss consumers to pay.
Ivan Schmid, founder and CEO at Payrexx, adds: “The future of payment is mobile. In Switzerland, there is a huge variety of regional and international payment methods. With the introduction of Samsung Pay, we are consistently continuing our Swiss Collecting Payment strategy and enabling all organisations in Switzerland to accept Samsung Pay, PostFinance, WIRPay, Mastercard, Visa, GeckoCard and bob invoice with just one Payrexx account and one API interface. We value the partnership with Finaro very much, as we can count on a highly digitalized acquirer as a payment facilitator.”
David Jofre Tejada, vice president business development and sales, at Finaro, comments: “The partnership comes at an incredibly exciting time for Finaro, and demonstrates our ongoing commitment to building strong customer and partner relationships, as well as continually investing in product innovation. We’re excited to see how this partnership will develop and drive merchant growth in Switzerland in the coming years and we are thrilled to be partnering with Payrexx and facilitating their growth plans in this arena as well.”