Swisscom is to ditch its Tapit service and partner with a bank-led consortium in a bid to retain a foothold in the mobile payments space.

The Swiss operator said the number of active users and credit card providers on Tapit had remained “well below expectations”.

Tapit, which launched in July 2014, was a joint initiative between Swisscom and rival operators Orange and Sunrise.

Swisscom has left the door open to continue developing Tapit’s other, non-payment features, such as an ID system for entering buildings.

“The discontinuation of the Tapit payment function will free up resources in mobile payment,” a statement read.

As such, Swisscom announced it has joined forces with SIX, which operates the Swiss stock exchange, and several banks to push a mobile payment solution called Paymit.

SIX, UBS and Zürcher Kantonalbank launched Paymit in May.

It allows customers to send and receive money via their smartphones, and to make cashless payments in stores or online.

Additional services, such as loyalty point schemes or the creation of individually tailored offers, will be offered “in the future”.

[Read more: Q&A: Swisscom Head of Residential Customers Marc Werner]

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

SIX Group CEO Urs Rüegsegger added: “We are confident that the partnership between SIX and Swisscom will help establish Paymit as a mobile payment solution.

“The key objective for SIX is that all Paymit users and the participating banks benefit equally.”

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