UBS news

Mobile payment app UBS TWINT goes live

Zurich Media Releases Switzerland

UBS TWINT, the mobile payment solution, can be used to make payments at stores such as Coop and Interdiscount, Selecta vending machines and at more than 1000 online shops such as Digitec, Brack, Microspot and Galaxus. In addition to the direct connection to the user's bank account, the established direct person-to-person ("P2P") transfer function remains central. By storing the client's card details directly in the app, UBS TWINT functions as a digital wallet. UBS is one of the first banks to offer TWINT. Existing users of UBS Paymit have been automatically migrated to the new app.

Zurich, 21 April 2017 – The new mobile payment solution in Switzerland has been adopted by more than 30 banks. As other major partners bring their own TWINT apps onto the market over the coming weeks, the payment network will expand even further.

Andreas Kubli, Head Multichannel Management & Digitization at UBS Switzerland AG is delighted: “Having set new benchmarks for P2P payment with Paymit, we're now using TWINT to make payments at shop tills, vending machines or online a simple and convenient experience for our clients.” Storage of client details in the app enables the user to pay at the till and collect points all at once thanks to “One Tap”. The new digital wallet means searching for small change to slot into Selecta vending machines is a thing of the past. Credit card details no longer need to be typed in when shopping online. Instead, the user simply scans a secure QR code, and the payment is made in a matter of seconds.

Retailers are also showing a lot of interest in the new solution. Coop, Interdiscount, 600 post offices and thousands of small traders are already accepting the digital wallet. More large and small traders are set to do so over the coming weeks and months.

UBS TWINT can be used by anyone who has a mobile phone running Android or iOS. In order to work, the mobile device needs to have a Swiss number and the user needs to select a Swiss credit or prepaid card, or a UBS account to connect to the app and use it as a means of payment.

Security and data protection come first

UBS TWINT meets the highest security standards. Just as with credit and debit cards, a six-digit PIN prevents unauthorized access. Users can opt to authorize smaller payments of up to CHF 40 without entering a PIN. Further security features ensure that no account or card details are forwarded to the trader when making online transactions. In addition, no user or transaction details are passed on from the TWINT system to third parties.

The advantages of UBS TWINT in brief:

  • Large network: More than 30 banks support the new system, making TWINT the most popular mobile payment solution in Switzerland. All TWINT apps are mutually compatible, enabling person-to-person transfers in real time. What was already Switzerland's biggest P2P payment network has just become even bigger.
  • More widely accepted: Coop, Interdiscount, 600 post offices, and thousands of smaller traders already accept payments made with TWINT. Other, larger outlets have decided to roll out TWINT over the next few weeks and months, rapidly increasing the number of places where it is accepted from the current
    25 000.
  • Convincing added value: Customer loyalty cards such as Coop's Supercard and the Federal Institute of Technology's Student ID card can be copied into the UBS TWINT App and no longer need to be presented separately when making payments. Loyalty stamp cards and coupons are also going to be integrated into the app before the end of the year.
  • Online shopping made easy: UBS TWINT makes paying at more than 1000 online shops, among them Digitec, Galaxus, Brack, Microspot and Coop@home, easier than ever. Shoppers no longer need to enter credit card details; instead, all they need to do is scan in a QR code, and payment is made from the stored account or card in a matter of seconds.
  • Paying at vending machines: Searching for coins will soon be a thing of the past. Over 2500 Selecta vending machines accept payments made with UBS TWINT.

UBS Switzerland AG

 

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