The joint mobile payment system TWINT by the Swiss banks and SIX has received the green light from the Competition Commission. The new TWINT AG takes on its operational activities and can negotiate immediately conditions and agreements with its partners in trade and banks.
The merge of the individually systems TWINT and Paymit can thus be carried out as planned. Until November, the functionalities of the new joint offer under the name TWINT will be merged. From mid-January, users of TWINT and Paymit will be migrated to the new TWINT.
The merger is intended to create a standardized payment solution for digital payments in Switzerland. Consumers and merchants should be able to rely on a single benchmark, as for credit and debit cards.
The launch date is dependent on approval from the Swiss Competition Commission, but the target date is autumn 2016.
That depends on your bank.
No. You can keep on using Paymit as usual. Nothing will change at the customer end. Customers will be automatically migrated to the new solution and an update for the existing app will allow you to use the new solution.
We try to minimize the disruption linked to changes for everyone concerned. The customer experience will remain our top priority when we merge the two systems.