Kwitt

from Wikipedia, the free encyclopedia

Kwitt is a mobile payment method in which money is transferred between accounts with a SEPA transfer (partly through instant payment ). This process is offered by the savings banks , cooperative banks and participating private banks. Kwitt is generally open to cooperation with other mobile payment methods.

functionality

Kwitt is a smartphone-based person-to-person payment method. Two registered users can send or request amounts based on a transfer. Within the app, the contacts stored in the phone book can be synchronized with the users registered with Kwitt, which simplifies the transfer process. In addition, money can be requested from personally created groups in variable amounts.

Kwitt is advertised together, but participants from the savings banks have an advantage over other participating banks:

As a registered participant, you can send money to any German current account. The recipient does not have to be registered with Kwitt. Registered participants of a VR bank, on the other hand, can only send money to customers of participating banks or savings banks who are also registered, which limits the group of participants. Registration of both participants is a prerequisite for monetary claims.

Kwitt is an additional function of the current account and the payments are processed directly through it. Payments made are shown in the app, in online banking and on the classic account statement. The system is only offered in Germany. Therefore, German data protection and German banking secrecy apply to the procedure .

history

Kwitt goes back to a study under the working title “WhatsCash” by Fiducia & GAD IT from 2014/15. On November 28, 2016, the savings banks with the name “Kwitt” and the Volks- und Raiffeisenbanken with the name “Send & Request Money” activated the functionality in their banking apps. Since June 2018 the Volksbanken and Raiffeisenbanken have been offering the payment method under the common brand name “Kwitt”. Since July 10, 2018, transfers within the SEPA area have been possible with Kwitt, some in real time.

distribution

In August 2018, Kwitt had over a million registered users.

The rapid spread of the function of sending or requesting money via smartphone based on a transfer (e.g. compared to Paydirekt ) is based on a marketing strategy that is aimed at the target group of young bank customers: a bot (e) drives in the money - the Sparkasse breaks new ground in marketing for Kwitt. She advertises the payment app with a martial debt collector. The campaign is based on a Facebook bot that helps create individual "threatening videos".

In a commercial, a young man is being chased by the brutal collector - and is "reminded" to pay his "buddy Patrick" a total of 2.60 euros. But the muscle man does not want the money in cash, but reminds the debtor to use the "Kwitt" function. On May 15, the debt collector registered with his account “@derbote_official” on Instagram and used the common influencer clichés.

On February 13, 2019, the German Institute for Service Quality honored "Kwitt" as the best smart payment provider: "The test winner was Kwitt with the quality rating" very good ". The provider positioned itself both in the overall result and in the" Payment among friends "category " in first place."

Participating banks

In October 2019, the following banks offered Kwitt as a smartphone-based payment method in their apps:

  • Savings banks
  • Volks- and Raiffeisenbanken
  • Sparda-Bank Berlin eG
  • BBBank eG
  • PSD banking group
  • BW bank
  • FLESSABANK - Bankhaus Max Flessa KG
  • MLP Banking AG
  • Evangelische Bank eG
  • Bank in the diocese of Essen eG
  • Wüstenrot Bank AG
  • Bank Schilling & Co AG
  • Princely Castell'sche Bank

Web links

Individual evidence

  1. ↑ Fiducia Annual Report (p. 17), accessed October 4, 2018
  2. ↑ Kwitt: Sparkasse starts transferring money from cell phone to cell phone , Oiger November 26, 2016 - accessed on September 6, 2018
  3. ↑ Mobile to mobile: money transfer simply via app - VR-BankingApp now offers customers of Volksbanken and Raiffeisenbanken even more mobile convenience, press release from Fiducia and GAD IT AG November 28, 2016 - accessed on September 6, 2018
  4. ↑ Send money with your smartphone: Volksbanks and Raiffeisenbanks as well as savings banks will be offering payment solutions from June 2018 under the common brand name Kwitt , press release by the Federal Association of German Volksbanks and Raiffeisenbanks (BVR) dated May 22, 2018 - accessed on September 6, 2018
  5. ↑ Volksbanks are participating in the cell phone-to-cell phone payment system of the savings banks - Volksbanks and savings banks are no longer afraid of the cartel office - and offer transfers via smartphone under a common brand. , Handelsblatt May 22, 2018 - - accessed on September 6, 2018
  6. ↑ Transfer in real time , Sparkasse.de 06.2018 - accessed on September 6, 2018
  7. ↑ Keeping Apple Pay in check: Mobile payments with Kwitt now has one million users , itopnews.de August 16, 2018 - accessed on September 6, 2018
  8. ↑ A bot (e) collects the money , handelsblatt.com February 7, 2017 - accessed on September 21, 2018
  9. ↑ Commercial: Ruckzuck is easy: Kwitt , youtube.com February 7 , 2017 - accessed on September 21, 2018
  10. ↑ Instagram Account @derbote_official , instagram.com February 7, 2017, accessed September 21, 2018
  11. ↑ Smart Payment Study by the German Institute for Service Quality , disq.de, accessed on February 17, 2019