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Wallet Database

Twint (fusion of “old”-Twint and Paymit)

21st of August 2016

Overview



  • Summary: Paymit is the Mobile Wallet solutions developed by SIX Group and several banks in switzerland. Twint was/is the solution by Postfinance. They are “trying” to consolidate their solutions to bring together the best of both worlds. Main focus is to establish a national standard in mobile payment in Switzerland to against Apple Pay and Cash. It is not sure how the wallet will look like for the start. The several parties are in discussion. They merged the 2 teams from both products. The regulatory just gave their permission for “newTWINT” several weeks ago.

  • Websitehttp://www.paymit-twint.ch/en

  • StatusPre-Launch

  • Market: Switzerland (New solution will go live beginning of 2017)

  • Type: Bank Consortia

  • OwnershipPostfinance, SIX Group, UBS, Credit Suisse, Raiffeisen, Zürcher Kantonalbank

  • Functions: Retail and P2P payments

  • Payment Mode: Cards based and account to account

  • Channel: POS via QR code and Bluetooth, WEB

  • Roadmap: n/a 

User Experience



  • Registration & set up: Paymit is an open system. This means: the leading Swiss banks offer their own Paymit apps. They naturally come with the same functions and are fully compatible. The apps can be downloaded from Google Play and Apple Store. User needs a Swiss mobile phone number and Swiss bank account to register. If user does not have a Swiss bank account, a credit or prepaid card as well as an official ID are also supported.

    Twint: n/a



  • Making a payment: Paymit: Just scan the QR code or für C2C Payment just use the phone no.

    Twint: Use bluetooth to connect with beacon or scan QR code for payment

Payment Flows & Technology



  • Merchant perspective: Paymit: No additional device needed. The process can vary depending on the hired product by the merchant (Easy, Classic or Professional). For example, in the classic one: Merchant enters amount in the mobile POS app and create QR code for this individual payment by pushing a button. Merchant shows the customer the QR code: customer scans the code with his Paymit app and confirms the purchase. Both customer and merchant receive a digital receipt within seconds. (Update to follow – Further information being obtained) 

  • Security: Paymit: The app can only be opened by entering user’s PIN or via Touch ID, and the various limits and registration process use strict security standards to prevent unauthorized use. The systems used to make the payments are the same systems used for all bank transfers and credit card payments in Switzerland. So compliance with the security standards is guaranteed. (Update to follow – Further information being obtained)  

Business Model



  • Strategy: Banks offer Paymit to merchants as a payment solution to boost their sales. In exchange, merchants are charged as below:

  • Payee fee: Paymit: There are 3 products offered by SIX: 1. EASY (1.5% commission per transaction; No Monthly fee). 2. Classic (0% commission per transaction if monthly transaction volumes up to CHF 5,000, otherwise 1.5% commission; 29 CHF monthly fee). 3. Professional (0% commission per transaction if monthly transaction volumes up to CHF 10,000, otherwise 1.5% commission; 99 CHF monthly fee).

  • Payer fee: No charge for consumer 

Performance Data



  • Launch date: Switzerland (new solution will go live beginning of 2017)

  • Closed Date: N/A

  • Users: Paymit: Over 220,000 (UBS bank, OCT-16) (source: https://microsites.ubs.com/paymit/en/#applications); over 500,000 users between Paymit & Twint.

  • Retailers / merchants: No data yet

  • Transaction volume: Paymit: 103,219,885 transactions volume in CHF to date (UBS bank, OCT-16). (source: https://microsites.ubs.com/paymit/en/#applications)

  • Transaction value: No data yet

  • Other data points: No data yet 

Contact (MobeyForum Members only)



  • Name: N/A

  • Address: N/A

  • Email: N/A

  • Phone: N/A