Swiss Payment App Twint Experiences Huge Increase in Usage

Discover the significant increase in the usage of the Swiss payment app Twint and how it's impacting the payment industry. Learn about the latest surge in users and the implications for the future of digital payments in Switzerland.

Twint, the digital payment app, has experienced a significant surge in traffic over the past year, with a 50% annual growth in traffic and a total of 590 million transactions. This is a substantial increase from the four million transactions recorded in the year of Twint's launch in 2017. The app has seen a substantial rise in transactions in high street shops, with an 84% increase compared to the previous year. The majority of these transactions occur at supermarket checkouts.

Twint has also made significant strides in terms of acceptance, with 77% of bricks and mortar shops and 76% of online shops in Switzerland now accepting it as a payment method. The app boasts "well over five million" active users, and 72% of payments with Twint take place in retail, while 28% are money transfers between private individuals.

Looking ahead to 2024, Twint has plans to further promote its use in physical retail, aiming to streamline the payment process and eliminate the need for physical loyalty cards. The app is set to introduce features that will allow for faster and more convenient payments at the checkout, including the ability to pay directly from the home screen or lock screen of a smartphone. However, it's worth noting that these features will initially be available only for iPhone users.

Twint's rapid growth and increasing popularity as a payment method in Switzerland indicate a promising future for the app. With plans to enhance convenience and efficiency for users, Twint is poised to become an even more integral part of the digital payment landscape.