Lunch in the canteen, chewing gum at the kiosk, monthly Pampers box in the online store: these days you can pay almost anywhere with the Twint payment app.
The opportunity is used with care. There are currently over four million Twint users in Switzerland. For 2022, the company also expects more than 300 million transactions. For comparison: it was 37 million in 2019.
These figures include both money transfers between users and payments at restaurants and stores. “Approximately two-thirds of all TWINT transactions are business payments, with one-third done between friends and family members,” says Jens Plath, Director of Marketing. Business transactions will show stronger growth than transactions between friends.
Many participants make voting too complicated
However, things are going less well with Twint’s overseas plans. In the summer of last year, the company announced that the payment app will soon work on holidays abroad as well. “We are confident that the Twint can be used first in neighboring countries from 2022,” said Anton Stadelmann, who was number two in Twint for “Handelzeitung” in July 2021.
Nothing will come of this, as SonntagsBlick’s research shows. The company now assumes that its overseas plans can no longer be realized this year. “It’s highly unlikely that the Twint will be released to a general market overseas in 2022,” Plath said.
Twint is a founding member of the European Mobile Payment Systems Association (EMPSA), which aims to ensure interoperability of payment systems in Europe. However, cooperation with banks and service providers abroad turns out to be more difficult than expected. Plath: “The votes are complicated because of the large number of participants.”
You don’t want to make a guess
However, he emphasizes that technically significant advances have already been made. For example, in a test phase, transactions between Twint and Bluecode from Austria and Bancomat Pay from Italy were successfully executed. However, it will take some time before such payments are generally valid abroad. “We’ll let you know as soon as a concrete implementation schedule is available,” says Plath.
The company no longer wants to make a precise estimate of when TWINT payments will be available for holidays abroad.
Thomas Schlittler
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
