UBS enters mobile payment segment with launch of Twint

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Switzerland-based banking giant UBS has launched mobile banking app named UBS Twint for customers in Switzerland. The app is available on Apple App Store and Android Play Store for users having UBS account or those with credit card issued in Switzerland. The app will enable users to make payments using their mobile device at any restaurant or store.

In September 2016, Twint, which was originally developed by Postfinance and Paymit, developed by SIX Payment Services have agreed to work jointly to build a mobile payment platform with combined features of both the apps. The co-developed app named Twint was launched in order to compete with global players such as Apple, Google, and Samsung. UBS, Credit Suisse, Postfinance, Raiffeisen, and ZKB were part of the development along with retail giants Coop and Migros.

Earlier version of Twint worked on Bluetooth and enabled users to make payments primarily at Coop stores. However, the updated Twint version that UBS launched will enable users to – send and receive money, make e-commerce purchases, make payments at vending machines using QR codes or Twint Beacon. By summer 2017, the app plans to integrate loyalty feature by allowing users to add their loyalty card with the app.

Twint has received support of over 30 banks and various merchants who are interested in upgrading their payment systems in order to support payments via Twint. Initially, UBS and ZKB will launch their Twint app and other banks will follow suit later in 2017. Apple Pay is compatible with Apple devices only, which comprises half of the smartphone users in Switzerland and works on NFC technology. Majority of Swiss retailers are upgrading their payment terminals with NFC technology. Twint app on the other hand works on any device and enables users to make payments via Bluetooth and QR code. With the app planning to enable peer-to-peer payments as well, there is certainty that considerable amount of millennial consumers adopt Twint. However, from retailers’ point of view, in order to enable payments via Twint, there is a need to install additional POS solution.

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