TWINT has announced plans to develop a new direct debit solution ahead of the discontinuation of the current LSV+ system, which is set to be phased out on 30 September 2028.
The upcoming product aims to provide a modern, digital alternative that remains compatible with existing workflows while meeting the needs of both merchants and consumers in Switzerland.
LSV+, which allows billers to collect payments via mandate-based account debiting, has long served as a reliable mechanism for recurring transactions.
With its impending retirement, businesses across Switzerland are now seeking a replacement that offers the same level of automation and dependability.
TWINT’s new solution will aim to fill that gap, leveraging the company’s existing digital payments infrastructure.
The upcoming product is intended to maintain the key features of traditional direct debit, such as the convenience of automatic payments, while integrating them into the TWINT ecosystem.
According to TWINT, the new solution will be designed “to meet the expectations of traditional direct debit customers in an inclusive manner, while also addressing the needs of demanding digital natives.”
TWINT has positioned itself as a major player in mobile payments in Switzerland, with broad adoption among consumers and merchants.
The company says it aims to bring about a similar shift in how recurring payments and billing are handled.
The solution will be introduced prior to the 2028 deadline, giving merchants and billers time to adapt before the existing system is retired.
TWINT’s objective is to provide a “future-proof generation of the direct debit procedure” that offers a streamlined, intuitive experience while supporting the transition away from legacy systems.
Further details about the new product and rollout timeline are expected to be shared as development progresses.
Source: https://fintechnews.ch/
