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Twint bosses are masters of communication. Yesterday they announced the next success story. While there were two million in the spring, now there are three million using the app to pay.
In September alone, users would have paid something 11 million times with Twint, whether in stores, on the Internet, when parking or when moving money from one cell phone to another.
The mainstream media reinforce the praise of the creators of Twint for their own product. “Record,” he said at 20 minutes, Twint wanted to “beat credit cards soon.”
The reality is less glamorous. Even after years, Twint earns very little to recoup the more than 500 million investments in a reasonable amount of time.
Worse still: Twint is Switzerland. That is the crucial difference. Everyone who buys abroad needs a credit card, either physical or online.
The debit cards that Twint would like to charge continue to move in other areas as well. Twint is only a fraction of the size of debit cards.
And even this is no longer necessary. Swiss customers still have them in their wallets because they need them for ATMs.
Behind this is the lack of ideas from the Swiss banks and their bosses. Generate a lot of fee income with an unnecessary debit card.
Credit cards would be fine. You can use it as plastic money all over the world. They are ready on your iPhone or Android phone to pay anywhere with a double click.
It couldn’t be easier. Nothing else is needed. Twint doesn’t stand a chance: PR success stories in the style of the old Soviet postil called Pravda or not.
With one exception: Twint is a hit with farm shops in the country and pop-up shops in town.
These stores can print the barcode and sell their products cheaply, thanks to Twint.
A good idea, like moving money through Twint, which young Swiss people really need.
But it is not a business. It should be used by wholesalers like Digitec-Galaxus. But the Migros subsidiary is unwilling to pay the twins’ high fees.
The banks threw half a billion into Twint’s grave. They want to get them back at ever-increasing fees.
