Twint, the payment application of the Swiss banking industry, has added loads of new clients during the pandemic crisis. It wants to profit from the rapid growth rates and has also decided to reorganize its management, according to information obtained by finews.com.
Concern about an infection with coronavirus has led consumers to shun cash and opt for contactless payment solutions instead. Even without concrete evidence that the virus can be transmitted via banknotes or coins, did the fear of contracting the virus drive consumers to download the Swiss solution called Twint.
Exceeding Growth Expectations
The company has added more than 45,000 new users a week, according to information obtained by finews.com. It now has 2.5 million users. The number of transactions increased by half from the start of the year and Twint also gained 11,000 traders as clients.
The pandemic has provided a welcome boost to the company, which had undergone a difficult period due to quarrels with leading e-commerce firms. CEO Markus Kilb and his management team have now decided to use the momentum and accelerate the rate of growth. For this purpose, the company has restructured the management.
New Management Structure
Twint has a new executive with three members: CEO Kilb, Chief Customer Officer Anton Stadelmann (previously CFO), and the head of IT, Paul Kreis (who thus kept his position as CIO). Kreis will sign responsible for the technical aspects of the Twint application and the further development of the product. CCO Stadelmann is in charge of all the front-facing and product-related functions.
Twint will also have an extended executive committee. It will include Chief Service Officer Adrian Plattner and Chief Product Officer René Haegeli. The company still aims to become the new standard means of payment in Switzerland. It has added the goal of reaching the level of use achieved by debit cards today.
