Published on November 1, 2023, 1:42 pm
Image source: Fox News
PrivatBank, Ukraine’s largest bank, has announced its support for Apple’s Tap to Pay feature on the iPhone. This move brings the contactless payment system to Ukraine for the first time, providing a convenient and secure way for customers to make digital payments.
To use Tap to Pay, customers simply need to activate PrivatBank’s “Terminal” app, which can be downloaded from the App Store. With this app installed, merchants in Ukraine can accept contactless payments not only from iPhones equipped with Apple Pay but also from other digital wallet systems and contactless credit or debit cards.
One of the key advantages of Tap to Pay is that it does not require any additional hardware or terminal reader. Instead, it utilizes the Near-Field Communications (NFC) technology built into the iPhone. This allows merchants to accept digital payments with a simple tap from the customer’s iPhone or other contactless payment method.
Yevhen Zaigraiev, PrivatBank SME Board Member, highlighted that their Terminal app is designed to cater to businesses of all sizes. It is a comprehensive turnkey solution that enables businesses not only to record cash transactions, create and fiscalize checks but also to accept contactless Visa and Mastercard payments.
Tap to Pay was initially announced by Apple in February 2022 and was first rolled out in partnership with Stripe. After successful beta testing and trial runs at Apple Park in Cupertino, Tap to Pay was made available across the United States starting in May 2022. Since then, businesses like GoDaddy and PayPal have started accepting Tap to Pay payments, gradually extending its reach beyond the US borders.
Ukraine now joins a growing list of nations and regions that support Tap to Pay. Australia introduced this feature in May 2023 with initial support from Westpac and Tyro Payments. The United Kingdom followed suit in July with help from Revolut and Tyl by NatWest, while the Netherlands introduced Tap to Pay in August thanks to Adyen and SumUp. Brazil and Taiwan are also among the countries where this feature is available.
The expansion of Tap to Pay demonstrates Apple’s commitment to making digital payments more accessible worldwide. With its secure and convenient payment method, Tap to Pay is set to revolutionize how consumers in Ukraine make transactions, bringing them into the realm of contactless payments alongside other progressive nations.
In conclusion, PrivatBank’s support for Apple’s Tap to Pay feature on the iPhone marks an exciting development for Ukraine’s banking industry. This collaboration enables Ukrainians to embrace the convenience and security of contactless payments, aligning with global trends in digital finance.
Original article posted by Fox News