 | You can helpexpand this article with text translated fromthe corresponding article in German. (July 2024)Click [show] for important translation instructions.
|
 | |
| Company type | Joint-stock company |
|---|---|
| Predecessor | Monexio AG |
| Founded | July 2014; 11 years ago (2014-07) inBern, Switzerland |
| Headquarters | , Switzerland |
Key people | Markus Kilb (CEO) |
| Services | Mobile payment |
| Website | twint.ch |
Twint is a Swissmobile payment system rolled out nation-wide in 2017. As of 2024, Twint has become ubiquitous in Switzerland, with many stores accepting Twint payments and nearly all banks taking part in the payment system. The app was developed by Monexio, a wholly owned subsidiary ofPostFinance, beginning in 2014.
The first banks that cooperated in Twint were theBerner Kantonalbank andValiant Bank in 2015, joined by theBasler Kantonalbank andBank Cler in 2016.
Twint had approximately five million users in 2023.[1]
Twint was created by Monexio AG, a company founded in July 2014 as a wholly owned subsidiary ofPostFinance. PostFinance Executive Board member Thierry Kneissler was appointed CEO, while Hansruedi Köng, CEO of PostFinance, became Chairman of the Board of Directors. The company became operational in August 2014.[2] Thepre-launch of Twint took place from 6 August 2015, starting in the cities ofBern andZurich.[3] The national rollout began on 3 November 2015.[4][5]
In May 2016, Twint and Paymit, a competitor made by theZurich Cantonal Bank and theSIX Group, announced a fusion, which was approved by theCompetition Commission of Switzerland in September 2016.[6][7]
Each Twint account is connected to a mobile phone number, a bank account, or both.
When making a payment to a private Twint user, the payer selects the receiver's contact in the app, and specifies the sum. A receiver can also request a sum from a mobile phone contact if that person is also using the Twint app.[8]
Payment when making purchases can happen in two ways:
Specifically the latter method has allowed many small stores to be integrated into cashless money transfer, e.g.mountain huts, club restaurants at sports matches, and second-hand shops, without having to invest in credit card terminals.
