Press Release

PostFinance Card: Quicker payments thanks to the contactless function

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In future, customers will be able to pay for their purchases even more easily, conveniently and quickly with the PostFinance Card. Thanks to the new contactless function, their card no longer has to leave their hand and they can make payments at checkouts within seconds. From now on, all newly issued PostFinance Cards in CHF will feature this additional payment option as standard.

PostFinance is the first major financial institution in Switzerland to equip its debit cards with a contactless payment function. This will enable customers to pay at store checkouts even more quickly and conveniently. The card previously had to be inserted into the payment terminal. Now the card simply needs to be held close to the device, and the purchase will be paid for immediately. For small amounts of up to 40 francs, there is usually no need to enter a PIN. For amounts exceeding 40 francs, the PIN is systematically required as an additional security element.

In principle, the contactless function on the PostFinance Card can be used wherever the PostFinance Card is accepted as a payment method. For the contactless payment function to work, the service provider’s payment terminal must allow contactless payment and the software must have been updated. PostFinance is currently in talks with terminal manufacturers and is expecting major store chains to gradually equip their points of purchase with the new function throughout the country. Contactless payments are already accepted at a large number of stores in Switzerland. Contactless payment simplifies the process at the checkout and stops queues from forming.

Customers have the choice

From now on, the PostFinance Card in CHF will be equipped with the contactless function as standard whenever a new card is issued or a card is replaced or exchanged. The card bears the official contactless logo that is already familiar from credit cards. Three million PostFinance debit cards with the contactless function will be on the market by the beginning of 2018. Customers can choose to use the function or continue to pay in the traditional manner by inserting their card into the payment terminal. Before they can start using their card for contactless payments, a one-off authorization with PIN is required. The contactless function can easily be deactivated or reactivated at any time at Postomats, online (www.postfinance.ch/contactless) or by phone.

One of the first contactless debit cards in Switzerland

Unlike debit cards, credit cards are already frequently used to make contactless payments. PostFinance has integrated the contactless function into all its credit cards since 2013. Debit cards with this function on the other hand have so far only been offered on the market occasionally. The PostFinance Card is one of the first debit cards in Switzerland that can be used to make contactless payments. As number one on the Swiss payment transactions market, PostFinance aims to use innovation to make managing money as easy as possible for its customers and the economy.

Information

Reto Kormann, Media Spokesman, 079 252 02 52