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BANKS

Cashless Switzerland: What is Twint and how does it work?

If you live in Switzerland, you are likely no stranger to Twint and maybe even use it regularly to make and receive payments. But if you are not familiar with this app, this is what you should know.

Published: 3 November 2021 13:21 CET
Updated: 22 March 2024 11:46 CET
Twint app can be installed on a mobile phone.
“Twinting” money with a smartphone is easy and convenient. Photo by Andrea Piacquadio from Pexels

In Switzerland, the word “Twint” is used both as a noun and a verb.

As a noun, it describes the mobile application which allows you to pay for various goods and services practically everywhere in the country.

As a verb, (“to twint”), it means to send someone money, or receive it, via the same app.

So what exactly is Twint?

Simply put, it is digital cash (not to be confused with bitcoin, which is digital currency) that was first introduced in Switzerland in 2014 and has become very popular since then.

Twint logo. Image by Twint.ch

People like it because it is an easy and quick way to make instantaneous payments, especially in situations when credit cards or physical cash can’t be used.

A big part of its convenience is that it can be used at cash registers, vending machines and parking meters, as well as in online shops — pretty much everywhere in Switzerland, even in places that don’t accept credit cards.

The only similar mode of payment would be your maestro debit card issued by your bank.

This video explains exactly how the process works.

Another advantage of Twint is that you can use it to send money to someone else’s mobile phone — as long as they also have Twint. And you can receive money the same way.

And there are no fees or charges for this service.

How does Twint work?

Anyone can use Twint, but you need a Swiss bank account or a credit card and, of course, a smartphone.

According to Twint website, you need a smartphone with either an iOS (from version 12.2 and upwards) or Android (from version 7 and upwards) operating system and Bluetooth capability (from version 4.0 and upwards).

“It is generally not possible for Twint to be used on Apple devices with an operating system older than “iOS 12.2” or on Android devices with an operating system older than “Android 7”. On Android devices without access to the Google Play Store (e.g. on certain HUAWEI models), the use of Twint app is also not possible”.

But If you have a compatible phone, installing Twint is easy.

Swiss banks offer their own version of the app, and you can download it directly from your bank’s website.

Then, when you use Twint to make a payment, the amount is debited directly from your bank account or credit card.

By the same token, if you receive payment from another Twint user, the money is automatically deposited in your account.

And you are not limited to just one Twint app.

If you have accounts is several banks, or have more than one credit card, you can install and use all of them.

READ MORE: How to open a bank account in Switzerland

Can Twint be used to make payments and receive money from abroad?

For the moment, Twint can be used solely in Switzerland and payments can be made only in Swiss francs – although this may change in future. 

“We are, however, working closely with providers in other countries to develop an international and multi-currency solution”, according to Twint website.

You can find more information about Twint here.

READ MORE: Which bank is best for Americans in Switzerland?

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QUALITY OF LIFE

‘Pleasantly constant’: Why Switzerland ranks as the ‘world’s best country’ — again

For the sixth time, Switzerland wins the coveted title of the world’s top country in an international ranking. Why does the nation make it to the no.1 spot —time after time?

Published: 6 September 2023 11:31 CEST
'Pleasantly constant': Why Switzerland ranks as the 'world’s best country' — again

It’s official: Switzerland has been ranked ahead of 87 other countries analysed by the US News & World Report for its 2023 ranking, which was released on Wednesday morning. 

It is the sixth time that Switzerland tops the rankings, which measure a country’s global performance based on 73 categories. They include entrepreneurship; quality of life; adaptability and progress; social purpose; and other attributes listed here. 

What exactly makes Switzerland the best in the world?

The country “snags the top spot for business-friendliness and education, “and ranks in the top 10 for quality of life, social purpose and cultural influence,” according to study authors. “Among attributes, it was considered No.1 for being economically stable, safe and least corrupt.”

“And while people may not see it as the sexiest place, they would like to live there.”

One of Switzerland’s top qualities, the study showed, is ‘consistency.’

Unlike the political and economic volatility of many other countries, “there is something pleasantly constant about Switzerland,” the survey found.

It is true that change of any kind is slow to come here.

Part of the reason for this sluggishness is cultural: the Swiss don’t like spontaneity (unless it’s planned) or doing anything on a whim. 

They believe that rushing things and making hasty decisions will have disastrous results, which is why they prefer to take a cautious — even if painstakingly slow — path.

As a general rule, the Swiss have a penchant not only for planning, but for pre-planning as well. They like to thoroughly examine each aspect of a proposed change and look at it from all possible angles.

Another reason (besides the cultural one mentioned above) contributes to Switzerland’s notorious slowness in decision-making — the country’s political system.

Due to Switzerland’s decentralised form of government, the Federal Council must consult with cantons before a decision can be made at the national level.

That, as you can imagine, could take a while as each of the 26 cantons may drag their individual feet, and there could be no consensus among them.

READ ALSO : Why are things so slow to change in Switzerland? 

While some may see this ‘consistency’ as a negative, the US News & World Report considers it to be a definite plus.

How did Switzerland rank in major categories?

‘Open for business’

In this category, the country is in the first place (100 points out of 100).

Simply, this means  the country  is ‘business friendly’ because the government has created a good environment for businesses to thrive. 

“Switzerland has low unemployment, a skilled labour force and one of the highest gross domestic products per capita in the world,” the report relates. 

‘Educated population’

Here, too, Switzerland excels (100 points, first place).

Switzerland not only has an excellent and accessible education system, but according to Organisation for Economic Cooperation and Development (OECD), well over 80 percent of the country’s population have an upper secondary education or above.

This proportion is higher than the OECD average of 75 percent.

READ ALSO: How can foreigners get into a Swiss university?

‘Quality of life’

Here, Switzerland also got a high score ( 96.7), which places it in the fourth place.

This particular category, which includes essentials such as broad access to food, housing, quality education, healthcare, and employment, also comprises “intangibles such as job security, political stability, individual freedom and environmental quality.”

This is not exactly a surprise, as Switzerland often ranks highly in this category in other international surveys as well. 

In which categories does Switzerland rate poorly?

‘Power’

Switzerland’s score here is 26, which lands it in the 20th place.

But this is actually good news, if you consider criteria for this category:

“The world’s most powerful countries also are the ones that consistently dominate news headlines, preoccupy policymakers and shape global economic patterns. Their foreign policies and military budgets are tracked religiously.”

Needless to say, Switzerland has no interest in wielding global power.

Besides (unintentionally) invading neighbouring Liechtenstein on three occasions, Switzerland is not at all power-hungry.

This is not only because it is neutral, but also because its politics is based on peaceful coexistence.

(The number 1 spot in this category was snagged, not surprisingly, by the United States).

‘Movers’

This too is not a major surprise, since the sub-category here is ‘dynamic’, for which Switzerland was given a low score of 29.1.

The country did a bit better in the ‘distinctive’ and ‘unique’ sub-category, with scores of 43.5 and 42.1, respectively.

Overall, Switzerland is in the 26th place.

You can see details of each category here.

What is the Swiss reaction to the report?

Overwhelmingly positive, of course.

“What people love about us is our reliability and our predictability,” said Jacques Pitteloud, the Swiss ambassador to the U.S.

“With us, you know what you get, which is rare nowadays,” Alexandre Edelmann, head of Presence Switzerland, a government agency that promotes the country abroad, pointed out.

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