What is the Twinting phenomenon sweeping Switzerland?
Since its creation in...
The digital cash solution Twint has had a tremendous impact on Switzerland, but what's driving its success? FinTech investigates.
Since its creation in 2017, Twint has unified Switzerland through its comprehensive digital cash solutions. Now with over 2 million customers, more than a quarter of the Swiss population are twinting, and this number is only set to accelerate. Championing the success of Twint is CEO, Markus Kilb, who has led the company to become not only an integral part of digital payments in Switzerland, but an exciting one, as it remains the fastest growing provider in the region, with a nearly four-fold increase to transactions from the previous year.
Twint is unique as it integrates peer-to-peer platforms in a way not previously done. “Twint is modified to be used for both Android and iOS and while other platforms are not interoperable, Twint's software is agnostic of operating systems, allowing a full range of peer-to-peer payments,” Kilb says, and this goes beyond the two platforms. The integration of over 100,000 merchants allows for users to pay for products, book travel and cinema tickets as well as store reward points, all through Twint. Loyalty schemes are a key part of Swiss commercial culture and Twint has ensured that this is as deeply integrated into the app as it is culturally. Kilb notes that one particularly popular loyalty card is the “Coop Supercard” from Coop Group, one of the leading retail companies in Switzerland.
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In addition to e-commerce and physical point of sale, Twint also harnesses QR technology, whether it's for users to pay for one of Switzerland's 100,000 parking spaces, or to pay for a selection of vegetables from a self pay stand outside a farm. This simple but effective solution eliminates the need for cash or offline payment terminals, creating real benefits for a customer by solving day-to-day issues.
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NFT Marketplace Rarible Raises US$14.2m
Alongside the funding announcement, Rarible has shared that they’ve officially partnered with NBA Top Shot maker Dapper Labs to bring their NFT marketplace to Dapper’s Flow blockchain. Dapper Labs has begun building out a wider coalition of NFT platforms on its proprietary blockchain which is more energy-efficient and less costly than transactions on the Ethereum network.
“To mark this next phase, we are also proud to enter an official partnership with Flow. Dapper Labs has an impressive track record of bringing NFTs mainstream by creating native experiences for non-crypto audiences. As a blockchain, Flow enables easier access and lowers the entry barrier for traditional consumers and brands, which makes it a perfect partner on our journey to the wider adoption.
“In the coming couple of months, we will be bringing Rarible on Flow as a primary and secondary marketplace, also welcoming the robust ecosystem of projects built on Flow blockchain,” Rarible said.
According to the company, last June, 6 months post-launch, total trading volume on Rarible hit the $28,000 mark. By June 2021 it grew by a mind-blowing 3000x, reaching $150 million in total sales.
“Just as we have always been at the forefront of the NFT movement, Rarible is determined to pioneer the next wave,” the co-founder of Rarible’s marketplace and CEO Alexei Falin said. “With this company milestone, we are thankful for the support of Venrock, 01 Advisors, and Coinfund and look forward to going beyond the current enclosed crypto environment and taking NFTs into mainstream consciousness.”
In a blog post the company says they hope to use this funding to explore more user-friendly developments like accepting credit card payments. “We need a world where an indie creator can effortlessly create an NFT and sell it for $5 to his community of supporters, as well as where a pop icon can use NFTs to establish close contact with her multi-million audience in a sustainable way.”
Rarible has a lot underway in the upcoming few months, including the launch of Rarible NFT protocol, L2 solution for scalability and sustainability, credit card payments, adoption of Flow blockchain, multiple partnerships and drops, and more. Many projects are already working on integrations with Rarible protocol, such as the partnership with one-click NFT creator S!NG that allows users to mint and put their NFTs on sale with no costs involved.