Published on November 2, 2023, 10:17 pm
Image source: Fox News
Ukraine’s leading financial institution, PrivatBank, has taken a significant step towards digitizing the payment landscape and improving customer experience by officially launching Apple’s Tap to Pay on the iPhone contactless payment feature. This functionality allows users to accept in-person, contactless payments using their iPhone, eliminating the need for traditional point-of-sale terminals or additional hardware.
To facilitate this initiative, PrivatBank has developed the Terminal iOS app. The beauty of this app is that it works seamlessly with an iPhone XS or newer models, making it accessible to a wide range of businesses, from small street vendors to large retail outlets.
The registration and transaction process for merchants is quick and straightforward. Once registered on the Terminal app, merchants simply enter the transaction amount, and customers can then make their contactless payment by bringing their payment medium close to the merchant’s iPhone.
One crucial aspect of Apple’s Tap to Pay technology is its emphasis on privacy and security. By leveraging the inherent features of the iPhone, both the merchant’s and customer’s data remain private and secure during transactions. This not only highlights the importance of cybersecurity but also reaffirms PrivatBank’s commitment to championing privacy.
Gerhard Boesch, Chairman of the Board of PrivatBank, expressed his excitement about this development, emphasizing that as a state-owned bank with a significant share in small and medium-sized businesses, supporting these businesses with fast and convenient in-person payment solutions is vital.
Yevhen Zaigraiev, a key member of PrivatBank’s SME Board, echoed these sentiments by envisioning how this technology can positively impact various businesses. He believes that this service will be convenient for all types of enterprises, from retail stores to hairdressers, food stalls to taxi drivers and market traders.
Zaigraiev further explained that besides enabling businesses to record and manage cash transactions efficiently and generate checks for fiscalization purposes; the Terminal app also allows seamless transfer of transactional data to tax authorities. It offers a comprehensive solution for businesses’ financial needs.
The launch of Apple’s Tap to Pay on the iPhone contactless payment feature by PrivatBank is a significant development in Ukraine’s payment ecosystem. By embracing digital solutions and providing an easy-to-use platform, PrivatBank is empowering businesses across the nation to enhance their payment processes and improve overall customer satisfaction.
Featured Image Credit: Photo by Karolina Grabowska; Pexels; Thank you!
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Original article posted by Fox News