As part of a crucial move to digitize the payments landscape and improve customer experience, Ukraine the first financial institution, PrivatBank, has officially launched Apple tap to pay on iPhone contactless payment functionality for its customers across the country.
Aimed to serve a wide range of businesses, from fledgling street vendors to sprawling retail locations, this advanced feature allows users to effortlessly accept in-person, contactless payments using just their iPhone. This eliminates the need for traditional PoS terminals or any additional hardware.
At the heart of this initiative is the Terminal iOS application, an application developed by PrivatBank. Notably, users will not need anything more than an iPhone XS or later model to benefit from this service.
The integration promises a seamless registration and transaction process
Merchants can set up Tap to Pay on iPhones in minutes. The process is simple: once registered, enter the transaction amount in the Terminal application, the customer will then bring their contactless payment device to the merchant’s iPhone to finalize the transaction.
Apple’s Tap to Pay technology leverages the features inherent in the iPhone to ensure merchant and customer data remains private and secure. This initiative not only highlights the importance of cyber security but also illustrates the bank’s commitment to defending confidentiality.
Gerhard Boesch, Chairman of the Board of Directors of PrivatBank, expressed his enthusiasm for this development: “As a public bank with the largest share of small and medium-sized companies, we feel a great responsibility to help companies to become expand – and save – with fast, in-person payment solutions.
Yevhen Zaigraiev, key member of PrivatBank’s SME board, also echoed these sentiments, considering the potential impact of the technology on various businesses: “We are confident that this service will be suitable for all types of businesses , from retail stores to hairdressers and food stalls. taxi drivers and market traders.
Zaigraiev further explained the multifaceted capabilities of the Terminal app, saying that it not only allows businesses to record and manage cash transactions and generate and tax checks, but also facilitates seamless transfers transactional data to tax authorities.
Featured image credit: Photo by Karolina Grabowska; Pixels; THANKS!