‘A successful relaunch’ – CEO Thierry Kneissler on the relaunch of TWINT

TWINT, the digital wallet of Swiss banks, has been relaunched. Thierry Kneissler answers questions on current challenges and the opportunities provided by the national mobile payment solution.

The new TWINT is here and two bank apps have already been launched. How successful is TWINT currently on the market?
'We are satisfied and the system changeover has gone well. There have, of course, been a few teething problems. This is always the case with IT projects of this magnitude. TWINT is successful, as clearly demonstrated by the usage figures. Shortly after the technical merger, we now already have more than 550,000 customers on the system and in excess of 10,000 transactions each week. And these numbers are growing rapidly.'

Why are there now different TWINT apps?
'TWINT is a new national brand for payment transactions and is marketed by the banks. Customers receive a product from the bank they trust and can connect their bank account directly to the app. For users with accounts at different banks, it is also possible to use several TWINT apps. For example, one could be used for personal expenditure, with another being used for household spending. Just like people also do already with debit and credit cards.'

When will the merger of TWINT and Paymit be completed from a technical perspective?
'More than 90% of existing TWINT and Paymit users are already using the new TWINT solution. In May, further banks will launch their TWINT apps. For example, Credit Suisse, PostFinance, Raiffeisen and Banque Cantonale Vaudoise. Our objective is to ensure that all banks with Paymit apps are migrated during the course of the summer.'

The mobile payment market is highly competitive. How can TWINT hold its own here?
'TWINT is a unique system that today already offers more functions than its competitors: irrespective of whether you want to make payments at cash registers, online, at vending machines or between friends. TWINT covers all of these bases. And only TWINT allows you to connect your bank account directly. We also integrate customer loyalty cards, coupons and stamp cards in the payment process. This feature is also unique and will be expanded further.'

What next?
'As already said, further major banks will launch their TWINT apps in May. In June, we will start the rollout on the payment terminals. And in the summer we are planning a massive expansion in the area of online retailing. We also have other innovations up our sleeve, including the option to pay invoices with TWINT. In short: We still have a great deal to do and are convinced that we will impress customers with our solution.'


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