‘Four years from now, TWINT will be as widespread in Switzerland as Mobilepay is in Denmark’.
Mr Mose, you have now been Chairman of the TWINT Board of Directors for more than three months. In what direction is the Swiss payment solution developing?
We are making very good progress. TWINT currently has more than 750,000 registered users. Furthermore, 65 banks have also opted to use TWINT. This is highly satisfactory when you consider that TWINT has only existed in its current form since April 2017. The number of new users is actually rising by more than 10,000 every week. It is in those areas where we can offer our customers an otherwise unavailable solution that growth is strongest.
Which areas are these?
P2P, i.e. payments between private individuals, and e-commerce. Let me explain these two examples to you in more detail: Using the ‘Send and request money’ function, you can transfer money to one another directly from account to account or request payments from one another via TWINT. It is so unbelievably simple and it costs nothing, absolutely nothing. In the area of e-commerce, it is also extremely beneficial to use TWINT when making online purchases, as this means you are no longer required to enter your credit card details or save them online. Your own bank account is linked to the app. TWINT is secure and quicker. This is a real improvement for all users. TWINT is enjoying great growth, in particular, in the areas of e-commerce and P2P, as we are really helping customers here and are able to satisfy their needs.
How do you assess the development of TWINT in the area of stationary retail?
We are also seeing great progress in the area of stationary retail. Here, we are contributing more to changing customer habits. In future, however, digital payments will be the norm. TWINT is the only solution that allows you to make simple payments everywhere, namely between individuals, in e-commerce and at cash registers. Coop has been on board from the outset. Since March, it has also been possible to make TWINT payments at Migros. And Swiss Federal Railways (SBB) has also indicated that it is only a matter of time before it will also accept TWINT payments. The more you use TWINT, the more you want to use it.
Would you say that our wallets are being digitalised?
Yes, I am convinced that in future we will no longer be carrying thick wallets full of bonus cards, loyalty cards and stamp cards of various stores. The same is also true for debit and credit cards as well as cash. The customers of tomorrow want things to be simpler and more practical. Everything will therefore be consolidated and stored on our smartphones. This makes things more secure, quicker and easier.
You come from Denmark, where smartphone payments are already very widespread. How do mobile payments work in Denmark?
In Denmark, TWINT is called Mobilepay. This is the most-used app and just about everybody in Denmark uses Mobilepay. In a country with 5.6 million residents, there are around 4.5 million registered users. As is the case in Switzerland with TWINT, Mobilepay has primarily grown quickly in the areas of P2P and e-commerce. In contrast to TWINT, however, Mobilepay is not an account solution, but rather a credit card solution. I am absolutely convinced that in the long term it will be possible to link a bank account with Mobilepay in the same way that TWINT users already can. We will see. From a technical perspective, TWINT is more advanced than Mobilepay. Mobilepay was launched in 2013 and has thus already been in use for four years. TWINT in its current form is just one year old. In four years’ time, TWINT will be just as widespread as Mobilepay, but TWINT will be more versatile in the functions that it offers than its Danish counterpart.
To what extent can Denmark be compared to Switzerland?
Denmark is very digitalised. In every comparative list with respect to digitalisation in different countries, Denmark is always one of the forerunners. Every Dane is ‘digitally’ born with a personal identification number (cpr). Without a cpr number in Denmark you cannot receive a name. All Danes also have a digital mailbox for official and private post. The system is the same for all residents. It is for this reason that Mobilepay was also very quickly accepted by the Danes.
I am sure – and also hope – that the e-identity will also be implemented soon in Switzerland. This will accelerate the process of digitalisation in general and in various areas. Like Denmark, Switzerland is always among the leaders when it comes to comparisons of international competitiveness. And that is why this digital world and digital competition are very important. Switzerland will then become a lot more digital just like Denmark, meaning in turn that TWINT will become even more important.
What is still needed in Switzerland to make mobile payments as popular as they are in Denmark?
We shouldn’t forget that Mobilepay went live in Denmark in 2013. Even in Denmark there was a little bit of doubt at the beginning. It is now difficult to imagine Denmark without Mobilepay. This will also soon be the situation with TWINT in Switzerland.
This might also interest you:
- Interesting facts and figures - how the world pays with the smartphone: twint.ch/smartphone-payment-around-world