Annual Report 2023
After the record year of 2022, growth levelled off somewhat last year, as expected. This is due, not least, to the fact that the migration to the new generation of debit cards in the Swiss market is almost complete. Together with consistent cost management, this resulted in a slight increase in both revenue and profit for the period.
Viseca can look back on another successful year. Transaction volumes continued to grow strongly in 2023, thanks in particular to the new debit cards. Our entry into the debit business has thus proven to be the right move. We were also able to renew numerous contracts last year, some of which haven been in place for many years. This gives us stability.
Dear shareholders
Viseca was able to build on the previous year’s successes in 2023. The transaction volume rose from CHF 23.8 billion in the previous year to CHF 35.0 billion, just over half of which was generated with new debit products. At the end of 2023, Viseca was offering services for over 4.2 million debit and credit cards. Viseca’s revenue rose by 0.7% to CHF 504.6 million, and profit increased from CHF 118.4 million to CHF 119.6 million, with the 2022 result still including significant positive special effects.
As expected, the strong card growth has weakened, since most Swiss banks have now introduced the new debit products. However, the payment market is still very much in flux. In 2023, the transaction volumes of Twint and debit cards increased significantly, while credit cards hardly increased at all from the second quarter onwards. In this environment, Viseca was nevertheless able to increase its market share for debit and credit cards. We are pleased that we were able to renew numerous contracts in both the credit and debit business, some of which have been in place for many years, and this gives us stability for the future.
In terms of products and services, we were once again able to set milestones last year. Together with a customer bank, we were able to launch the first virtual debit card. Virtualisation of payment cards will continue to gain in importance, which makes this first successful step all the more important for us.
We also made great progress last year with work on the renewal of the Gold and Silver credit cards for private customers. The relaunch of these two crucial earnings pillars boosts customer benefits, just as the relaunch of the Platinum credit card did around two years ago. This has paid off in the form of significant growth in cards and transactions.
Viseca has now taken a structured approach to the topic of sustainability, with sustainability reporting developed as part of this. To reduce the use of plastic, the card term was increased from three to five years, which will reduce plastic consumption by 40% in the medium term. In addition, recycled plastic will be used almost exclusively for cards in future.
In October 2023, after a break during the period of negative interest rates, Viseca once again placed a bond on the Swiss capital market. This was in response to the change in the interest rate environment and the strong growth in payment cards in recent years. The bond also broadens Viseca’s financing base.
Pedro Chapinal was elected to the Board of Directors of Viseca Payment Services SA at the Annual General Meeting on 1 June 2023. He replaces Rudolf Dudler, who has been with Viseca since its foundation. We also welcome Stefan Brunner as a member of the Executive Board in the newly created position of Chief Product Officer. He takes up his position as of 1 March 2024 and will continue to drive forward the digitalisation of Viseca in the interests of our customers.
We would like to thank our cardholders for the great trust they place in us – this is the basis of our success. Our thanks also go to our customer banks for their great support and constructive cooperation. And to our employees, we would like to express our sincere thanks for their tireless and professional commitment to serving our customers.
