Swissquote launches TWINT mobile payment app

Swissquote has announced the launch of its own mobile payment app TWINT, starting today.

The payment solution marks a further step towards a universal bank for private customers and will be available free of charge to all eTrading account holders, the company said.

To use Swissquote TWINT, clients will need an eTrading account with Swissquote as well as a Smartphone with an iOS (from version 13.0) or Android operating system installed (from version 7), including including Bluetooth (from version 4.0).

As it is already integrated into the Swissquote account, the mobile payment application is already available to its more than four million active users.

They can take advantage of the app to make convenient and secure payments via smartphone – at the supermarket cash register, in online stores, when shopping at an agricultural store, on public transport, when parking lot or between peers.

Marc Bürki, CEO of Swissquote, said: “The launch of Swissquote TWINT is the logical continuation of our objective to become the first bank for our customers, also with regard to mobile payment. And we are very happy to have TWINT as a strong partner.

Transactions with TWINT are free for all eTrading account holders, whether for POS or peer-to-peer transactions, but the company added that in rare cases partners may add small fees, for example for cash withdrawals or free parking tickets.

Swissquote’s trading platform offers more than three million financial products, with the company specializing in global stock trading, crypto asset trading and custody, Forex trading, and a RoboAdvisor solution.

At the end of December 2021, Swissquote held more than 55 billion Swiss francs in assets for more than 480,000 private institutional clients.

The bank, based in Gland, in French-speaking Switzerland, posted its pre-tax profit at a record 223 million francs ($245 million) for the year. This figure was significantly higher than that of 105.6 million francs reported a year earlier. Accordingly, the board of directors will propose to the annual general meeting to increase the dividend by 46.7%, from CHF 1.50 to CHF 2.20 per share.

Swissquote said it had exceeded its initial forecasts, which had already been raised in August to 465 million francs in revenue against 365 million. The bank also raised its pre-tax profit target to 210 million francs from an initial estimate of 130 million.

Fueled by strong customer and asset growth as well as a favorable market environment, the bank said trading volumes were strong across all business areas and asset classes in 2021. These results also were driven by an increase in the net organic inflow of new money of 9.6 billion francs. Client assets also exceeded CHF 55 billion.

Swissquote is looking to delve deeper into the digital asset arena with the launch of its own cryptocurrency trading platform. More recently, it introduced a staking service for Tezos (XTZ), which allows users to earn dividends or interest on their XTZ holdings just for depositing and holding the token on the platform.

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