When he was in charge of Twint, Thierry Kneissler identified cash as his main enemy. In his new brief, cash is what it is all about.
Until two months ago, Thierry Kneissler was the chief executive of Twint, the Swiss mobile payment app. He now has accepted an advisory mandate from Sonect, an application that enables the withdrawal of cash in stores, according to a statement released by Sonect on Tuesday.
It's About Cash, Not Apple Pay
Both Twint and Sonect are fintech firms of course. But while Sonect is helping consumers withdraw cash, Twint hopes to convince them not to use cash.
In September 2016, Kneissler put it succinctly: «Our primary enemy isn't Apple Pay, but cash.» Sonect says that his work as an adviser doesn’t stand in contradiction to what he did at Twint, because promoting mobile devises as virtual ATMs would make Swiss consumers use banking apps more often.
Big Plans at Sonect
Sonect was founded in 2016 by Sandipan Chakraborty, a former IT manager at Credit Suisse. The application allows users to receive cash at 1,100 stores and the company aims to become the biggest network of ATMs in Switzerland.
Kneissler was the CEO of Twint since its inception. He previously worked at Postfinance in business development. In November, he passed on responsibility for the business at Twint to Markus Kilb.
