Lun, Ene 22 2024
Twint: Transforming Payments in Switzerland
Twint, a digital payment method, is reshaping the landscape of financial transactions in Switzerland. Its rapid growth is evident from the recent announcement by the payment provider. In 2023, Swiss residents carried out a staggering 590 million transactions using Twint, marking a significant 50% increase from 2022’s 386 million transactions. This growth trajectory is even more impressive, considering that Twint, launched in 2017, only recorded 4 million transactions in its inaugural year.
One of the critical areas of growth for Twint in 2023 was in stationary retail, where the number of transactions nearly doubled compared to the previous year, showing an 84% increase. These transactions occurred at supermarket checkouts, highlighting Twint’s widespread acceptance in everyday retail environments.
Twint’s penetration in the Swiss market is substantial, with 77% of brick-and-mortar stores and 76% of online stores in Switzerland accepting it as a payment method. The system’s user base has expanded dramatically, boasting over 5 million active users.
The majority of Twint’s transactions, about 72%, occur in the retail sector. The remaining 28% comprises money transfers between private individuals, reflecting the app’s versatility in facilitating commercial and personal financial interactions.
Looking ahead to 2024, Twint is set to enhance its usability in physical retail settings. One significant development is the integration of loyalty cards, like Cumulus and Supercard, into the app. This feature aims to streamline the payment process by eliminating the need to search for physical loyalty cards. Additionally, Twint is working on expediting payments at checkouts. An upcoming feature for iPhone users will allow payments directly from the home screen or lock screen, making the process quicker and more convenient.
Twint AG, the company behind this revolutionary payment app, is jointly owned by several major Swiss financial institutions and payment processors, including Banque Cantonale Vaudoise, Credit Suisse, Postfinance, Raiffeisen, UBS, Zürcher Kantonalbank, SIX, and Worldline.
The success of Twint can be attributed to its wide acceptance among Swiss banks, growing presence in both physical and online retail, and an array of user-friendly features. It’s not just a payment app but a daily financial companion for many Swiss residents. With 98% of people in Switzerland aware of Twint and over half of the population using it regularly, Twint stands as one of the most recognized brands in the country.
©Keystone/SDA
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