TWINT

Twint is a Swiss mobile payment app whose development began in 2014, and was rolled out nation-wide in 2017. In 2024, Twint has become ubiquitous in Switzerland, with practically all stores accepting Twint payments, and nearly all banks taking part in the payment system. The app has first been developed by the company Monexio, a subsidiary wholly owned by PostFinance.

The first banks that cooperated in Twint were the Berner Kantonalbank and Valiant Bank (2015), and in 2016, the Basler Kantonalbank and Bank Cler, the then-time Coop Bank, followed.

Twint had approximately five million users at the begin of 2023, while the adult population of Switzerland numbered seven million at the same time.

History
Monexio AG was founded in July 2014 as a wholly-owned subsidiary of PostFinance. 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. The pre-launch of Twint took place from 6 August 2015, starting in the cities of Bern and Zurich. The national rollout began on 3 November 2015.

Function
Each Twint account is connected 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.
 * Payments to other Twint users

Payment when making purchases can happen in two ways:
 * Payment in stores
 * The credit card terminal's display shows an instantly generated QR code that contains both the recipient's account, and the amount to be paid. With the phone's camera, the app scans the QR code, and then asks the payer for confirmation.
 * The store owner can display a sheet of paper on which a static QR code is printed. In that case, the QR code only specifies the recipient's account, and the payer has to enter the sum on his mobile phone. After successful payment, the payer then shows his phone display to the vendor, where the app displays the sum and the receiver's identity.

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.