Swisscom is working with local financial firm SIX and a number of Switzerland’s banks to create a mobile payment service for the country.

An initial partnership was established in May 2015 between SIX and local banks UBS and Zürcher Kantonalbank to launch the Paymit payment service.

P2P payments are already available, and the next phase is to target retail and commerce sectors.

“We believe in the Swiss financial centre and want to create a Swiss solution that can act as a counterweight to international players,” explains Urs Schaeppi, Swisscom CEO.

Joining Paymit means Swisscom will shut its own mobile payment service, Tapit, which it admitted had performed “well below expectations”. Reports have cited a lack of take-up for Tapit.

“Despite the company’s best efforts, the number of active users and credit card providers on Tapit has remained well below expectations. The discontinuation of the Tapit payment function will free up resources in mobile payment, which Swisscom can invest in its partnership with SIX,” it said.

The Paymit app currently allows customers to send and receive money via their smartphones, and will offer the opportunity to make cashless payments in stores or online in the future.

The service will also offer additional services such as loyalty point schemes and the creation of individual offers for customers. The first special offers are scheduled for release as early as the beginning of 2016.

SIX operates Switzerland’s financial market infrastructure and offers services in securities trading, clearing and settlement, as well as financial information and payment transactions.