Twint

from Wikipedia, the free encyclopedia
TWINT AG

logo
legal form Corporation
founding 2014 (predecessor company)
2016 (merger)
Seat Zurich, Switzerland
management Markus Kilb ( Managing Director )
Søren Mose ( VR-P )
Branch Mobile payment
Website www.twint.ch

Twint (original spelling TWINT; word amalgamation of “twin” for twin, “twist” for dynamism and “win” for success) is a Swiss payment system for cashless payment and collection by the Zurich- based company TWINT AG.

The financial technology with the app of the same name was introduced across Switzerland in 2017 and runs on iPhones and Android smartphones. The company emerged from a merger of the former Paymit and Twint (2014).

Companies

history

Twint AG was founded in July 2014 as a 100 percent subsidiary of PostFinance . PostFinance executive board member Thierry Kneissler became the managing director (CEO), and Hansruedi Köng, managing director of PostFinance, became president of the board of directors. The competitor was Paymit, an app from UBS , Zürcher Kantonalbank and SIX , which other banks subsequently joined.

In May 2016, Paymit and Twint announced their merger. This decision was approved by the Competition Commission (Weko) in September 2016 . The new joint offer went into a test phase under the name Twint AG from November 2016. In April 2017, the users of Twint and Paymit were migrated.

With the merger of Paymit and Twint, the company structure has changed, but not the name. The Board of Directors was made up of one representative from each of the seven Twint shareholders. The Chairman of the Board of Directors was Jürg Weber, Head of SIX Payment Services . Thierry Kneissler remained managing director. The company headquarters was relocated from Bern to Zurich.

At the end of 2017, Søren Mose, member of the Board of Directors of SIX Group , replaced Jürg Weber as Chairman of the Board of Directors. Markus Kilb took over the role of Managing Director of Thierry Kneissler at the beginning of November 2018.

In November 2018, the Competition Commission on suspicion of boycott of Apple Pay and Samsung Pay investigations against the TWINT banks and Aduno and Swiss Card , a joint venture of Credit Suisse and American Express added.

In 2019, Twint and other market participants founded the European Mobile Payment Systems Association (EMPSA) based in Zurich. Founding members include Bluecode (Austria, Germany), Twint (Switzerland), Swish (Sweden), Vipps (Norway), MobilePay (Finland, Denmark), Bancontact Payconiq (Belgium) and Sibs / MB Way (Portugal).

Shareholders

The banks BCV (Banque Cantonale Vaudoise), Credit Suisse , Raiffeisen , UBS and Zürcher Kantonalbank are also involved as shareholders, as are SIX and PostFinance . Through a strategic partnership with SIX, Worldline from France also acquired a 20% stake in Twint in 2018 . Until then, one third of the shares each belonged to PostFinance, SIX and the remaining banks involved. The shares of the previous shareholders were retained. There were changes in percentage terms: For example, Swiss Post now has a 26.6% stake in Twint.

functionality

Private customers

The free mobile payment application enables cashless payments at parking meters ( mobile phone parking ), cash registers, machines, in online and app shops and between users. In addition, membership cards and customer cards can be digitized and digital stamp cards and discount coupons from retailers can be used in the application. In addition to the prepaid app, which can be topped up via account, payment slip or credit code, various Swiss banks offer their own Twint apps. The banks' Twint apps are connected directly to the bank account or an in-house credit card . Only the UBS Twint app allows all Swiss credit cards and is also available to non-customers.

NFC is not necessary here, as contact between the cash register and the customer takes place via a “Twint Beacon” with Bluetooth Low Energy or via a QR code . For regulatory reasons, Twint may only be used in Switzerland and Liechtenstein . In 2017, compatibility with Alipay was targeted. In 2019, however, Twint was not involved in a newly founded payment alliance between seven providers. However, Twint does not rule out a later involvement.

Business customers

Twint's dealer network consists of shops, restaurants, bars as well as snack and ticket machines in Switzerland and Liechtenstein. Twint is also integrated into various online and app shops.

With Twint, payments can be made stationary via the cash register (at the POS terminal or beacon) or PC (desktop, laptop). Location-independent collection is also possible via a mobile card terminal. Depending on the checkout option, the customer holds his smartphone to the Twint-Beacon when paying or scans a QR code from a display of the retailer . Twint can also be used to pay at machines.

Twint offers QR code stickers for farm shops, market stalls, food trucks and similar small traders. This means that the dealer can use Twint to collect payments at both unattended and attended sales outlets. Depending on the sales offer, another option for the QR code sticker can be selected, those with freely selectable amounts or those for fixed amounts.

The integration of Twint in online or app shops takes place via payment service provider , plug-in or by in-house development.

Business customers can use Twint to offer mobile marketing campaigns by defining digital stamp cards and discount coupons for their (potential) customers. These are displayed in the application and are integrated directly into the payment process.

The transaction prices for business customers depend on the acquirer (Twint Acquiring AG, SIX Payment Services or Concardis ). At Twint Acquiring AG it is currently 1.3 percent.

criticism

In addition to numerous critical voices regarding the technical platform of Twint and its functionality as well as the management of the company, reservations about the long-term prospects of success of the business strategy of Twint have also been expressed in the academic world. In 2018, the Swiss Competition Commission initiated an investigation into whether the group of Swiss banks involved in Twint had formed a cartel against competitors such as Apple or Samsung.

The online retailer Digitec Galaxus criticized a fee increase by Twint and did not accept their amendment contract. As a result, Twint can no longer be used for payment at Digitec Galaxus since March 1, 2020.

Trivia

The process of transferring money from one smartphone to another has been known colloquially in Switzerland as twinting since the end of 2018 .

Web links

Individual evidence

  1. ↑ Payment apps: This is how Twint and Paymit work. In: Balance . March 31, 2016, accessed March 19, 2019 .
  2. ↑ Mischa Stünzi: Postfinance relies on the cell phone. In: The Bund . November 20, 2014, accessed March 29, 2019 .
  3. ↑ The payment app Paymit is buried. In: Handelszeitung . May 27, 2016, accessed March 19, 2019 .
  4. ↑ Twint receives Weko approval. In: Finance and Economy . September 9, 2016, accessed March 19, 2019 .
  5. ↑ a b Swiss mobile payment solution TWINT receives the green light from WEKO and can therefore be developed according to plan. PostFinance , September 9, 2016, accessed on March 29, 2019 (press release).
  6. ↑ Thomas Benkö: After Twint / Paymit update. Some UBS customers cannot pay by mobile phone. April 21, 2017. Retrieved March 19, 2019 .
  7. ↑ TWINT AG. In: Schweizerisches Handelsamtsblatt . September 30, 2016, No. 190, Volume 134.
  8. ↑ Simon Mathis: Twint President Jürg Weber leaves the Six Group. In: Netzwoche . November 20, 2017. Retrieved March 19, 2019 .
  9. ^ Twint CEO Thierry Kneissler resigns. In: Finance and Economy. July 11, 2018, accessed October 22, 2018.
  10. ↑ Michael Heim: Credit Cards: International costs are higher than stated. In: Handelszeitung. January 17, 2019, accessed January 21, 2019 .
  11. ↑ Michael Heim: Twint cartel: The banks must finally come to their senses. In: Handelszeitung. November 15, 2018, accessed November 16, 2018 .
  12. ↑ Foundation of the European mobile payment association EMPSA / mobile payment according to European rules: Bluecode starts groundbreaking cooperation with leading mobile payment providers. In: finanzen.net . September 3, 2019, accessed September 3, 2019 .
  13. ↑ Twint on the runway. In: MoneyToday.ch. September 12, 2016. Retrieved November 7, 2017.
  14. ↑ Worldline has a 20 percent stake in Twint. In: Neue Zürcher Zeitung . May 16, 2018, accessed May 16, 2018.
  15. ^ Associated companies and joint ventures. Swiss Post website , December 31, 2018, accessed on February 12, 2019.
  16. ↑ Investments. PostFinance website.
  17. ↑ FAQ. In: TWINT. Retrieved May 1, 2017 .
  18. ↑ Michael Heim: The Twint payment app should become attractive to the Chinese. In: Handelszeitung. August 23, 2017. Retrieved November 7, 2017.
  19. ↑ Michael Heim: New payment alliance without Twint. In: Handelszeitung. June 12, 2019, accessed June 13, 2019.
  20. ↑ Barbara Melzl: Pay with TWINT on SBB Mobile and SBB.ch. In: SBB News . October 26, 2018, accessed October 28, 2018 .
  21. ↑ Simply collect - even without infrastructure. Your customers pay independently using a QR code sticker. Twint AG, accessed on December 5, 2018 .
  22. ↑ Acceptance of TWINT. Six Payment Services, accessed January 8, 2019 .
  23. ↑ One solution for everyone. Twint AG, accessed on May 1, 2017 .
  24. ↑ Payment contract for acceptance of TWINT. (PDF, 16 kB) TWINT AG, accessed on December 14, 2018 .
  25. ↑ Zentralplus, MMV online AG, Hirschengraben 43, 6003 Lucerne: If there is a fine when parking despite having paid a Twint. April 15, 2019, accessed April 25, 2019 .
  26. ^ Cash top - Twint flop - soaktuell.ch - Internet newspaper. Retrieved April 25, 2019 .
  27. ↑ Yesterday nothing was going on at Twint. In: Inside Paradeplatz. March 28, 2018, accessed on April 25, 2019 (Swiss Standard German).
  28. ↑ inside-it.ch: Paymit shut down, Twint criticized and with three other banks. Retrieved April 25, 2019 .
  29. ↑ Digital - Does Twint have a future - or is the gravedigger already ready? July 24, 2017. Retrieved April 25, 2019 .
  30. ↑ Julia Fritsche (text), Jessica Keller (photos): Weko investigation Twint: Do Swiss people pay with their mobile phones? November 15, 2018, accessed April 25, 2019 .
  31. ↑ "Mister Twint" resigns. July 11, 2018, accessed April 25, 2019 (German).
  32. ↑ The new boss at Twint has a difficult legacy. Retrieved April 25, 2019 .
  33. ↑ The Twint Failures: A UBS Boss and McKinsey. In: Inside Paradeplatz. April 23, 2019, accessed on April 25, 2019 (Swiss Standard German).
  34. ↑ Patrick Schüffel: Lessons From Swiss Payment Initiative TWINT. October 6, 2017. Retrieved April 25, 2019 (American English).
  35. ↑ Weko raid: The banks must finally come to their senses. Retrieved April 25, 2019 .
  36. ^ Competition Commission Raids Swiss Banks Over Alleged Collusion Against Apple Pay, Samsung Pay. November 19, 2018. Retrieved April 25, 2019 (American English).
  37. ↑ Claudia Gnehm, Thomas Benkö: Digitec Galaxus puts an end to twin payments. In: blick.ch . March 1, 2020, accessed March 1, 2020 .
  38. ↑ Lukas Hässig: Bank number app Twint on the tilt. In: insideparadeplatz.ch . March 2, 2020, accessed March 2, 2020 .
  39. ↑ Beat Schmid: Why the Twint payment app is just getting started with Swiss teenagers In: Watson . January 12, 2019.