SIX, UBS and Zürcher Kantonalbank have teamed up to launch a new peer to peer (P2P) payment app in Switzerland from the end of May this year.

Called Paymit, the new app enables individuals to request and make payment transfers quickly, easily and securely through smartphone.

Paymit, which is a combination of Payment and Transmit, can be used by customers living in Switzerland regardless of whether they bank with UBS, Zürcher Kantonalbank or another bank.

Developed by SIX, Paymit is an open system that can be used by any bank and will be available in the Apple App Store and the Google Play Store.

UBS and Zürcher Kantonalbank together with SIX will initially roll out Paymit to their clients, with other banks anticipated to implement the new payment system soon.

Additionally, Credit Suisse and Raiffeisen are also keen on implementing the app in the near future.

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Paymit must be used by both the person making the payment as well as the person receiving it in order to process the transactions successfully.

The solution is expected to be rolled out to retailers as a means of payment as soon as possible.

UBS Switzerland head of multichannel management & digitization Andreas Kubli said: "Paymit is our answer to the new customer demand to make payments anywhere and at any time quickly and easily."

Zürcher Kantonalbank head of card banking & ATM Raoul Kriesi said: "With Paymit we have created the first Swiss-wide system for immediate payment from bank account to bank account; ideal for payments to family and friends and purchases on Internet auction platforms. By integrating it in our eBanking Mobile App we have ensured a consistent customer experience."