As a service provider in cashless payments, SIX Payment Services (SIX) has announced its support of Swiss WIR Bank for the launch of a new payment card designed for small to medium sized businesses (SMEs).
Business clients of WIR Bank benefit from the combination of the existing functions of the proprietary WIRcard coupled with an internationally accepted V PAY debit card. In collaboration with SIX, WIR Bank launched its new WIRcard plus at the end of 2016 which was exclusively designed with Swiss SME clients in mind at every step. This launch lifts WIR Bank's card service for small and medium enterprises to a completely new level.
Until now, holders of the card could only pay at merchants who are also customers of WIR Bank. A point of distinction of the bank is its own alternative currency called WIR, which is used for payments within the SME network of the WIR Bank.The Bank decided to work with SIX, to make the new WIRcard plus a new universal payment method for their business customers.
New functionalities - international acceptance
For this innovative card proposition, SIX defined the chip functionalities and the security specification. SIX suggested that a chip and pin based V PAY-Card from Visa as core product be used. Cardholders can withdraw cash at all ATMs in Switzerland and internationally and they can use their card to pay at all POS-Terminals with the V PAY- Logo. Contactless payments are also possible. The WIRcard plus not only provides business customers with the same flexibility as they are used to from their private card, but also ensures the highest security standard due to the new generation of integrated chips. In addition, the functionalities of the proprietary WIRcard were integrated.
SIX: competent partner for an innovative set-up
SIX and WIR bank seamlessly cooperate in transaction processing, too: the technical processing of the WIRcard transactions is being handled by the bank itself and SIX is providing highly modern payment infrastructure for the processing of V PAY transactions. In every case a PIN is used for authorization.
Users of the WIRcard plus can pay at approx.10.000 WIR acceptance points in Switzerland and moreover the card can be used worldwide through the V PAY network.
Daniel Hess, Head of Payment and member of the Board of Directors of the WIR Bank said: "From our perspective, it was important to tackle the complex challenges of a dual card together with a well versed partner. SIX has competently supported us and substantially contributed to the success of the new product."
Jürg Weber, Division CEO SIX Payment Services, said: "As a market leader in Switzerland, Austria and Luxembourg, we are pleased to support WIR Bank in the development of its innovative debit card and to make the payment process for WIR Bank customers easier."