Switzerland's five biggest banks this week revealed they are working with retailers and a financial services provider to develop a joint mobile payments service, according to local media reports.

Credit Suisse, PostFinance, Raiffeisen, UBS and ZKB are the banks involved in the talks with two Swiss supermarket chains, Coop and Migros. Telco Swisscom also is involved in the discusssions, as well as financial infrastructure provider Six Group.

Media reports indicate that the companies involved in these discussions do compete against each other, but are willing to work together to fend off impending competition from Apple, Google and Samsung.

The group said it plans to have an update in early May.