Since October 2016, the joint venture made up of Switzerland’s biggest banks and the financial services provider SIX has been working on the merger of the two existing TWINT and Paymit systems. ‘We were only able to launch the joint company after receiving the green light from the Swiss Competition Commission (ComCo). Since then, we have been working intensively on merging the two current TWINT and Paymit systems. This is a challenge that is like no other in Switzerland’, says TWINT CEO Thierry Kneissler.
TWINT has been overwhelmed by the interest shown from banks and merchants: ‘We had expected that the integration process would involve between five and ten banks – now more than 30 banks want to participate in the system as well as numerous renowned merchants.’ This has necessitated additional integration work.
Specifically, Thierry Kneissler anticipates that the gradual rollout will start in April – in other words, just six months after development work began. UBS TWINT, ZKB TWINT and the bank-independent TWINT app will be launched on the market first.
Michael Auer, Head of the Private and Investment Clients department at Raiffeisen Switzerland and a member of the TWINT AG Board of Directors, underlines just what an achievement this is: ‘To get a project of this kind up and running with so many demanding partners and within this time frame is extraordinary. TWINT wants to become THE Swiss digital wallet – and we as owners believe that we will achieve this goal.’
TWINT is already Switzerland’s biggest mobile payment solution. To make sure that this remains the case, the new solution will offer customers the following key features from April:
- TWINT can be linked directly to your bank account. This is unique – and a real benefit. In addition, credit cards can be stored as a payment method.
- TWINT has also set itself the objective of making it possible for customers to make simple cashless payments in all situations. This includes those in which they still currently require cash, such as payments between private individuals.
- The system is available to everybody. It does not matter which bank customers have their account with or what operating system (iOS or Android) their smartphones use.
- In particular, TWINT offers the following so-called added-value features: discounts can be used digitally in the TWINT app and are automatically taken into account when making payments. Customer loyalty cards and stamp cards can also be saved in the app.
The acquisition of merchants is also continuing at full speed: in addition to top merchants such as the Coop Group, the on-line shops digitec.ch and galaxus.ch and the vending services operator Selecta, who are already offering TWINT, the retailers Migros, Denner, Volg/Landi and Lidl are now also in the process of implementing TWINT and plan to activate the service in 2017. The TWINT co-owner SIX and Aduno SA will be responsible for the acquisition of merchants during 2017. Positive talks with Concardis are at an advanced stage.
‘With this network comprising the country’s most attractive merchants, banks and acquirers, we are ideally positioned to achieve our objective’, explains a confident Thierry Kneissler. ‘The new logo also reflects the new TWINT: it should come across as confident, concise and friendly. I am very much looking forward to the coming year when the new logo will be seen everywhere and things really get going’, says Thierry Kneissler.
Further information and pictures: www.paymit-twint.ch
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