Summary Report 2022

Summary

Report 2022

Editorial

Dear customers and partners

Dear readers

2022 was an exceptional year for Viseca. We were able to

achieve several signiﬁcant milestones over the past twelve

months. The card portfolio began to climb sharply again:

As at 31 December 2022, 4.08 million Viseca payment

cards were in circulation, amounting to a 45.3 per cent

year-on-year increase. The strong growth was driven by a

clear increase in debit cards – in the past year too, nume-

rous customer banks relaunched debit cards. Alongside

this, the new Migros Cumulus credit card also contributed

to the growth of the card portfolio. Furthermore, Viseca

also beneﬁted from a good economic environment in

2022: the sound economic situation as well as a clear

boost in tourism (coupled with the growth in cards)

secured Viseca a consolidated proﬁt of CHF 118.4 million.

The proﬁt was facilitated largely by the consistent focus of

the company on the payment card business as well as the

cost management over recent years.

We also achieved a lot in products and services in 2022.

For example, in the middle of the year, we launched the

ﬁrst digital onboarding across Switzerland including

Instant Issuing. It is now possible to apply for a new credit

card at Viseca completely online. In just a few minutes,

the card is saved to the one App and can be used straight

away. This is a decisive step forward in our digitalisation

strategy and has been commensurately honoured by the

market: in the "Best of Swiss Apps", the one App was

awarded Bronze for the new onboarding in the "User

Experience & Usability" category.

In addition to this, we have also fully revised our insu-

rance services on our card products, and thus strengthe-

ned the bank cards' USPs. Among other things, we are

now also offering simpler and faster processes for claims,

which end clients really appreciate. We can now rightfully

claim that our insurance offering is best in class. In April

2022, we also replaced our previous Platinum credit card

with a completely new premium offer. The improved

provision includes free entry to lounges around the world

as well as free airport parking in Zurich for up to 24 hours

– both offers have been very well-received by our Plati-

num customers. This even allowed us to overshadow the

international competition: we achieved ﬁrst place in the

category "Metal card" as part of the "Élan Awards of

Excellence". The award is a clear endorsement of the high

quality of our products.

In the middle of the year, the T&Cs of all Viseca Card

Services SA credit cards were amended, enabling us to

transmit transaction data to the client banks. Further-

more, the new T&Cs for cardholders have become

signiﬁcantly more modern, clearer and shorter.

We would like to thank our cardholders – for trusting in

our products and services, day after day. Our client banks

have always bolstered us with professional cooperation.

We would also like to thank them for that. Our thanks

applies particularly to our employees – they have shown

exceptional willingness to perform over the past year. This

is not to be taken for granted and we really appreciate it.

Max Schönholzer

Chief Executive Ofﬁcer

Pascal Niquille

President of the Board

of Directors

Editorial

Key Figures Digital Business Instant Issuing Card productsAt a glanceReporting

Editorial Key Figures Digital Business Instant Issuing Card productsAt a glanceReporting

Viseca looks back

on a record year

In 2022, Viseca ﬁnally said goodbye to the coronavirus pandemic. After

the Covid measures were largely lifted in mid-February, the company

recorded considerable increases across all areas last year. As a conse-

quence of this, the most important ﬁgures – transaction volume, sales

and consolidated result – are considerably above the previous year. The

card stock continued to grow in 2022 and exceeded the 4-million mark.

The new Instant Issuing for the Migros Cumulus credit card also allowed

Viseca to introduce a Swiss-wide ﬁrst: within just a few minutes,

customers can request and immediately use a new credit card.

Viseca's sales rose in 2022 by 19.2 per cent to CHF 501.2

million and are therefore signiﬁcantly above that of the

previous year (2021: CHF 420.6 million). What is more

signiﬁcant is the increase in the consolidated proﬁt: this

increased by 132.4 per cent to CHF 118.4 million (2021:

CHF 50.9 million). The good results are attributed to a strong

catch-up effect in the previous year: people started to travel

more again and also spent more money than in 2020 and

2021. The consistent cost management of the previous years

also contributed towards Viseca's good position.

In the revenue-generating segments, in particular the service

revenue from the new Issuer model rose sharply in 2022 and

on 31 December 2022 was at CHF 84.3 million (2021:

CHF 6.7 million). This striking increase is primarily attributed

to the switch of three client banks into the extended

business model in the credit area as well as various market

launches in the debit area. The switching, on the other hand,

caused revenues in various other segments to decline: the

commission revenue dropped by 1.3 per cent and the

interest revenue by 3.0 per cent; the annual fees were 9.4

per cent lower than the previous year. In contrast, the

remaining operational revenues increased by 19.9 per cent.

Here, various positive one-off effects became apparent,

including the portfolio carried forward due to the switch in

client banks to the expanded business model as well as

compensation for an early termination of the Jumbo port-

folio contract.

On 31 December 2022, the balance sheet total amounted to

CHF 1,204.1 million compared to CHF 880.2 million the

previous year. The equity was at CHF 703.7 million (2021:

CHF 605.3 million), the equity capital ratio was at 58.4 per

cent (2021: 68.8 per cent). On 31 December 2022, Viseca

employed 762 staff (full time equivalent), compared to 682

on 31 December 2021.

The card portfolio exceeded the

4-million mark

The transaction sales for the ﬁscal year 2022 amounted to

23,807 million, which equates to an increase of 71.4 per

cent (2021: CHF 13,887 million). The strong growth is

attributed on the one hand to the numerous market laun-

ches in the debit area, as well as to a clear recovery in the

aftermath of the coronavirus pandemic in the credit area.

People have been spending signiﬁcantly more again,

particularly in the "Travel" and "Entertainment" segments.

The growth extends to all geographic segments: domestical-

ly, the transaction volumes increased by 81.9 per cent, in the

Eurozone the growth amounted to 47.1 per cent and in the

remaining countries, it increased by 76.9 per cent.

The growth was also mirrored in the card portfolio: on

31 December 2022, the portfolio stood at 4,077,896 cards

(2021: 2,806,459), an increase of around 45.3 per cent. In

addition to various migrations mentioned in the debit area,

the market launch of the Migros Cumulus credit card also

contributed to this strong growth. In all, the ﬁscal year 2022

was shaped by numerous special effects. For 2023, Viseca

expects a ﬂattening of the growth curve and a stabilisation

of the sales and revenues.

Focusing on payment concluded

On 12 May 2022, Viseca sold Contovista AG to Finnova.

With the sale, Viseca completed the ﬁnal step in focusing all

its activities on the payment business. This means that Viseca

is now in an ideal place to further build on its leading

position in the payment market over the coming years.

Developing the products

and services

Viseca also achieved numerous milestones for its products

and services in 2022. Above all in the ﬁeld of digitalisation:

the new Digital Onboarding, which includes Instant Issuing

when applying for a Migros Cumulus credit card, is a ﬁrst in

Switzerland. For the ﬁrst time, it is possible for a customer to

apply for a new credit card online and use it within minutes.

The new onboarding was awarded bronze in the "Best of

Swiss Apps" in the "User Experience & Usability" category.

Once again, the one App is a leading player.

In the services area, too, we have digitalised our T&Cs and

revised the insurance services on our card products. Since

1 May 2022, the T&Cs for Viseca Card Services SA are fully

digital. They are signiﬁcantly more modern, clearer and

shorter. Thanks to a small amendment, we also now have

the option to forward the transaction data on our card

products to the relevant client bank. This allows us to satisfy

a request by the banks. The revision of the insurance services

offers the credit card holders simpler and faster processes in

the case of claims. We can now rightfully claim that our

insurance offering is best in class.

When it comes to the products, we were also able to stand

out last year: in April 2022, we launched our completely

revised Premium range. The new Visa Platinum credit card

has a signiﬁcantly improved and extended range of services.

This includes free entry to lounges around the world as well

as free airport parking in Zurich for up to 24 hours – both

offers have been very well received by our Platinum custo-

mers. But the card itself also conveys exclusivity: it is now

made of metal and emblazoned with a high-quality card

design. For this we were awarded ﬁrst place in the inter-

national "Élan Awards of Excellence" in the category

"Metal card". The award is a further endorsement of the

high quality of our products.

Committed to the customer

All these milestones demonstrate one thing: Viseca is

committed to its customers. Whether it's on behalf of our

client banks or for the 4.1 million debit and credit cardhol-

ders – we want to continue driving the payment business

forward. With innovative solutions and high quality products

and services. So that cardholders around the world can

always pay – simply, securely and conveniently.

CHF

501,2million

AT A GLACE

DISTRIBUTION OF REVENUE

33.2%

Commission Income

22.3%

Annual fee

6.3%

Interest income

16.8%

Service revenue

21.4%

Other income

762

EMPLOYEES

were employed by Viseca as of

31 December 2022 (full-time

equivalents), compared to 682 at

the end of 2021.

703,7

million CHF

EQUITY

This was the level of equity as of 31 December 2022. This

corresponds to a very solid equity ratio of 58.4 percent.

2020

TRANSACTION TURNOVER

in CHF billion

CONSOLIDATED

EARNINGS

in CHF million

Domestic Europe (Intra) Other countries (Inter)

2021 2022

9.9

13.9

4,077,896

PAYMENT CARDS

of Viseca were in circulation as of 31 December 2022, which is an

increase of 45.3 percent year-on-year.

1,204

million CHF

BALANCE SHEET TOTAL

As of 31 December 2022, the balance sheet

total stood at CHF 1 204.1 million, as opposed to

CHF 880.2 million in the previous year.

23.8

2020 2021 2022

118.4

50.9

–20.4

At a glanceEditorial Key Figures Digital Business Instant Issuing Card productsReporting

Editorial Digital Business Instant Issuing Card productsAt a glanceReporting

Key Figures

“

Income statement and

balance sheet

Viseca put the consequences of the Covid-19 pandemic behind it

for good in 2022. Its good earnings situation can be attributed to

positive economic performance, solid growth in the card portfolio

and vigorous cost management in recent years. This has put

Viseca in an ideal position for the coming years.

in CHF thousands 2022 2021

Operating income 501,237 420,551

Operating expenses –368,128 –359,947

Earnings before interest and tax 133,109 60,604

Financial income –627 4,405

Non-operating result 4,264 0

Consolidated proﬁt before income tax 136,746 65,009

Income tax –18,332 –14,066

Consolidated proﬁt 118,414 50,943

as % of operating income 23.6% 12.1%

Consolidated income statement as at 31.12.2022

in CHF thousands 31.12.2022 31.12.2021

Assets

Current assets 1,188,232 847,835

Non-current assets 15,818 32,313

Total assets 1,204,050 880,147

Equity and liabilities

Short-term liabilities 477,663 265,490

Long-term liabilities 22,670 9,354

Equity* 703,717 605,304

Total equity and liabilities 1,204,050 880,147

*as % of balance sheet total 58.4% 68.8%

Consolidated statement of ﬁnancial position as at 31.12.2022

Ordered in a flash and ready

to go: The digital road to a

Viseca credit card.

Never wait again

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What does digitalisation in pay-

ment mean for Viseca's customers?

Tobias Wirth:

Today payment is easier

than ever before. You simply hold your

card or your mobile phone against the

terminal and the payment process is

triggered automatically. For purchases

of under CHF 80 you don't even need

to enter the PIN anymore. With Viseca

you can now even apply for a credit

card in just a few minutes through a

fully digital process (see p. 12). This

convenience is entirely in our custo-

mers' interests, as paying is a necessary

but largely emotionless process. At the

same time, increasing digitalisation

presents us with new security challen-

ges - also when it comes to payment.

With our multiple-award winning app

we achieve precisely this balancing act:

to constantly increase convenience at

the same high security standards.

Digital business & innovation

from Viseca – payment taken

one step further

Digitalisation is now bringing sweeping changes to the payment

industry. Mobile and contactless payment solutions are now common-

place. The importance of cash, on the other hand, is steadily declining.

This development has even picked up pace since the Covid pandemic. As

a leading Swiss ﬁntech in the payment business, Viseca plays an active

role in shaping these developments. Consequently, digitalisation and

innovation have high priority. In this interview, Tobias Wirth and Bedrija

Hamza explain to what extent Viseca cardholders beneﬁt from these

developments. And also how structured innovation work comes about.

Can you be a little more specic?

Tobias Wirth:

The self services of the

"one" app are a very good example.

On the one hand, we offer cardholders

more and more options. Nowadays, in

the "one" app, for example, you can

look up your PIN or, if in doubt, you

can have your card blocked temporari-

ly. Features like this make for greater

convenience as in many cases you no

longer need to ring a call centre. At the

same time, they give customers more

control, which also means more

security.

So how are new features, products

and services developed?

Bedrija Hamza:

When it comes to

innovation work, we have a structured

process with ﬁve phases, from the idea

to the ﬁnished product. This starts by

observing and assessing new trends

and technologies, and is followed by

developing a proof-of-concept, which

is then tested in depth. If everything

goes according to plan, this ﬁnally

results in the design of a new feature,

product or service. For this purpose we

also run the "Walter" innovation

platform. There we present various

pilot projects such as our wooden card

or the conversational interface "Ange-

la". Moreover, interested customers

can apply for access to Walter Finance.

Walter Finance?

Bedrija Hamza:

Our research app. We

use Walter Finance to develop new

functions for the "one" app together

with our customers, along with

selected customer banks and prestigi-

ous institutions such as ETH AI Center

and the University of St. Gallen.

Apart from new features for the

"one" app, what else is Viseca

working on ?

Tobias Wirth:

Open ﬁnance and

banking APIs are an important topic.

Thanks to our modern platforms, we

can now provide more and more of our

services to others – whether these are

customer banks, IT integrators or

third-party companies such as suppliers

of expense-management software. In

addition, we are currently working on a

state-of-the-art B2B portal. That’s

because we attach great importance to

having a structured, digital exchange of

information with our client banks.

Bedrija Hamza:

Naturally, we are also

continuously working on the develop-

ment of our digital loyalty programme

“surprize”, which enables us to offer

our customer banks a versatile custo-

mer loyalty tool. End customers, on the

other hand, beneﬁt from attractive

premiums and discounts.

Tobias Wirth:

Our digital ecosystem is

very wide-ranging. From mobile

payments, API interfaces or loyalty

programs, Viseca makes cashless

payment easy, secure and convenient.

Fully in line with our vision.

« Viseca leverages digitalisation

and innovation to continuously

develop payment solutions that

benefit its customers.»

Tobias Wirth, Head Digital Business & Innovation

Bedrija Hamza, Innotech Lead

Digital Business

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Instant Issuing

Instant issuing from Viseca

– Switzerland's rst complete

digital credit card application

in real time.

Who has not experienced this? You are

in a shop and just happen to discover

the perfect jacket. It's an opportunity

you don't want to miss. But, unfortu-

nately, you don't have enough cash on

you. The good news is that there is

now an alternative if all else fails:

digital onboarding, including instant

issuing from Viseca. This means that

customers can get a new credit card in

just a few minutes.

Complete the application, send it off by post, wait for a reply – that is

the usual application process for a credit card. The waiting time can even

be as long as two weeks. With our multi-award winning "one" app we

have managed to considerably shorten this process. Thanks to new

"instant issuing" feature, the digital card is sent to the app just a few

minutes after receipt of the application and is available for making

purchases on the internet and also at the POS, by means of mobile

payment. Viseca thus offers the ﬁrst fully digital credit card application

throughout Switzerland, via smartphone and in real time. With Viseca

you can get a new credit card in just a few minutes.

It's that easy.

The digital application simply couldn't

be easier. You scan the QR code with

your smartphone and download the

"one" app, if you don't have it

already. As an alternative, you can also

trigger the application on your

desktop using the appropriate web

application. There follows an automa-

ted identity check by means of ID and

selﬁe. After that you can enter the

usual personal details straight into the

app and – if the function is offered –

set a personal card image by uploa-

ding a picture. In the meantime the

credit check and further controls are

performed in the background. If

everything is in order, the new credit

card is available digitally in the "one"

app within a few minutes. It can then

be used for internet shopping imme-

diately. In addition, customers with a

mobile payment solution such as

Apple Pay, Google Pay, Samsung Pay

or other options, can also use the card

at a POS straight away. A few days

later the customer receives the

physical card by post.

« With instant issuing,

Viseca customers can

get a new credit card in

just a few minutes.»

Digital onboarding, including instant

issuing from Viseca, was developed in

response to an explicit requirement of

Migros Bank which would like to offer

its customers an uninterrupted digital

experience. The Cumulus credit card

from Migros Bank is also the ﬁrst credit

card in Switzerland that can be

requested through a fully digital

application, thanks to the new applica-

tion process. Further credit cards are to

follow.

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Editorial Key Figures Digital Business Instant IssuingAt a glanceReporting

Contact

Viseca Payment ServicesSA

Hagenholzstrasse 56

P.O. Box 7007

8050 Zurich

+ 41 58 958 60 00

www.viseca-payment.ch

Investor Relations

Michael Walther

Chief Financial Ofﬁcer

Nicolas Kucera

Head of Communications

[email protected]

Publishing Details

2022 Summary Report

This consolidated summary report

is published in German, French, Italian

and English.

Disclaimer

This report contains forward-looking

statements that do not give any guaran-

tee regarding future performance.

These statements entail risks and uncer-

tainties such as future economic

conditions,

legal requirements, market

conditions, activities of other com-

petitors

and other factors beyond the

company’s control.

Design

NeidhartSchönAG

Publisher

Viseca Payment ServicesAG

Card products

Viseca credit cards:

best-in-class thanks to

continual innovation

Only the best is good enough for our

customers. We do not mean this in the

ﬁgurative sense. The best example is

the Visa Platinum credit card from

Viseca. In 2022 we thoroughly

overhauled our Premium product. We

have extended the services, expanded

the insurance beneﬁts and given the

whole design a new look, So custo-

mers with a Viseca Platinum credit card

now beneﬁt, for instance, from

unlimited access for two people to

airport lounges worldwide, free

parking at Zurich airport for up to

24 hours as well as cyber insurance

products. We are particularly proud of

our new metal card. Within the

framework of the "Élan Awards of

Excellence 2022" we were awarded

ﬁrst place in the "metal card" catego-

ry. This is a clear endorsement of the

high quality of our products.

Attractive insurance benets and

modern GTCs

But we are also best-in-class when it

comes to services and beneﬁts. Last

year, for example, we optimised our

insurance beneﬁts and digitised the

GTCs. Customers now beneﬁt from

leaner insurance conditions and an

even simpler process in the event of a

claim. And the insurance products now

offer even greater coverage. For

example, a journey is also insured for a

duration of 90 days and the purchase

insurance has been supplemented with

online purchase protection. The GTCs

are now fully digital. This not only cuts

out unnecessary wastage of paper, but

means that the GTCs are also better

structured. We think that the "small

print" should be clear and understan-

dable, following the principle of

user-friendliness.

Our customers are important to us. For

them we are always thinking one step

ahead. So that we can offer them

innovative credit card products in

future as well.

Viseca stands for innovative, high-quality credit card products

This not only includes digital services and wide-ranging beneﬁts,

but also ﬁrst-class materials and design. We aim to be best-in-class.

So we always think one step ahead. Innovation as a service for our

cardholders.