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Switzerland tweeted 590 million times last year. That’s half as much as in 2022. In 2017, when the payment system was launched, Twint recorded just four million transactions. “Twint has come into the middle of everyday life in Switzerland,” says company boss Markus Kilb (56). This record should not remain like this. Kilb wants to continue writing the growth story of the Swiss payment app. Blick presents you the most important facts and shows you what else you can do with mobile payments in the future.
Already using Twint regularly?
Most likely, the Twint payment system currently has more than five million active users. The app is now one of the “most popular payment methods among Swiss consumers,” as the company announced. And it is also one of the most popular Swiss brands. The reason for this is its distribution: Twint is now accepted as a payment method by 77 percent of brick-and-mortar stores and 76 percent of online stores in Switzerland.
Where most transactions occur
Thanks to the QR code label, businesses do not need to purchase a payment terminal. Small shops and market stalls are particularly pleased with this. You can offer digital payments to your customers because fewer and fewer people carry cash with them. According to Twint, especially in anchor retail, the number of transactions in 2023 will almost double compared to the previous year (+84 percent). The vast majority of these take place at the supermarket checkout.
What new functions are fun?
Parents have long been using Twint to virtually transfer pocket money to their children. Twint wants to further promote its use not only in the private sector but also in physical retail. This means searching for loyalty cards like Cumulus (Migros) and Supercard (Coop) should now be a thing of the past. It is said that in more and more versions of the application the customer card can be stored and presented directly during the payment process.
Twint also wants to speed up payment at checkout: in the future, users will be able to pay directly from the home screen or even from the lock screen of their smartphone. This eliminates the tedious process of unlocking the device. Only iPhone owners can look forward to this: Apps called widgets (mini apps) will be gradually introduced for iOS smartphones throughout the year, says Kilb, Twint’s boss.
Whether Twint will go abroad at some point
According to the company, Switzerland has achieved something “many regions in Europe can only dream of”: establishing a modern local payment system. So when can tourists shopping in Lörrach, Weil am Rhein or Konstanz, Germany, be able to pay with Twint? While going abroad has been talked about in recent years, people don’t want to hear about it anymore. But international payment providers and their affiliated merchants are making great progress. In other words: Twint should work for more international online stores in the future.
Why doesn’t Apple Pay Twint work?
With Apple Pay, it couldn’t be easier: point your iPhone or Apple Watch at the payment terminal, hear a beep, the item purchased. Apple Pay – competition for Twint? Definitely abroad because there are no payment apps in stores there. Twint sees itself as advantaged domestically: “We are by far the leader in the mobile payment industry because we focus on Switzerland and the daily needs of people in Switzerland.”
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.
