Interoperability of said two systems is based on the specifications of EMPSA (European Mobile Payments System Association). TWINT and Bluecode interoperability has already been running since January 2022 on a friends-and-family basis. To allow for more users paying in each other’s network, Bluecode and TWINT mandated Banking Circle as a central hub for foreign exchange (FX) and settlements. As a result, funds between the two mobile payment systems will be transferred via Banking Circle providing the central settlement account. Transactions in different currencies are automatically converted.
By making both mobile payment systems interoperable with each other, the approach aims to give consumers the possibility to use the mobile payment app they use at home while travelling abroad. Banking Circle has capitalised on its position as an independent bank with access to direct clearing and settlement in the SEPA region to contribute to establishing mobile payment interoperability in Europe.
Bluecode users are able to pay at the point of sale using any Bluecode-capable app in Switzerland, whilst TWINT users are able to pay at the point of sale in Austria and Germany with their TWINT-App. Bluecode and TWINT chose a centralised technical setup whereby funds are now converted and transferred via a Banking Circle access point.
Click here to find out more about Banking Circle.
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