Goodbye Paymit: UBS Twint is now live

In addition to the direct account connection, the established function of transferring money directly to other people ("P2P") remains central. By storing customer cards in the app, UBS Twint becomes a digital wallet. Existing UBS Paymit users were automatically migrated to the new app, and more than 30 banks are participating in Switzerland's new mobile payment solution. In the coming weeks, other partners such as Postfinance, Raiffeisen, Credit Suisse and BCV will launch their own Twint app, further expanding the payment network.Andreas Kubli, Head of Multichannel Management & Digitization at UBS Switzerland AG, is delighted: "After setting new standards in P2P payments with Paymit, we are now creating a simple and convenient payment experience for our customers with TWINT at the checkout, at vending machines and when shopping online. "By storing customer cards in the app, payment and collecting points at the checkout can be done in one step ("One Tap"). The new digital wallet also eliminates the need to search for coins at Selecta vending machines and there is no need to enter credit card details when shopping online. Instead, a secure QR code is scanned and the payment is completed within seconds, and it remains to be seen whether Twint will actually be able to assert itself against foreign payment solutions such as Apple Pay. So far, Coop, Interdiscount, 600 post offices and a large number of small retailers accept the digital wallet.UBS TWINT is open to all users of an Android or iOS cell phone. The prerequisite is a Swiss cell phone number and any Swiss credit or prepaid card or a UBS account that is linked to the app as a means of payment.