NFC Tags as an Alternative to Google Pay

by Olha Povaliaieva
Thursday, December 31, 2021
2 MIN
NFC Tags as an Alternative to Google Pay

"PrivatBank" launches a brand new way of contactless payments

Times when people had to carry all credit and discount cards in wallets passed long ago. There are a lot of services and apps providing keeping cards in one place. But the new reality relating to coronavirus has come, and more people are interested in cash-free payments. Some of them use Google pay, but not all people agree to upload credit cards details to a worldwide network for security reasons.

So, PrivatBank, a Ukrainian commercial bank, announced the start of work, launching in Ukraine a fundamentally new way of contactless payment with smartphones on NFC tags. This technology is a low-range wireless data transfer technology for data exchange between devices. Now it is considered to be the simplest and most affordable way for companies to accept cash-free payments. 

So we have good news. PrivatBank announced the start of work on launching in Ukraine a fundamentally new way of contactless payment with smartphones on NFC tags. This technology is now the simplest and most affordable way for companies to accept cash-free payments.

It is noted that the technology is designed for entrepreneurs and small shops, caterers and allows them to pay for purchases and services in one click, using a smartphone.

To connect the service to entrepreneurs and traders, it will be enough to make an online application in the bank and get a set of special NFC tags, which can be pasted in a convenient place for payment.

The NFC-tagged payment process is straightforward and convenient: the customer has to attach his NFC smartphone to a special paying "tag" located on the cash register or directly to the service point (such as a coffee table) and complete the payment via Privat24.

According to the Bank, from December 21, 2021, the new service was launched in a test mode and is undergoing "combat" testing in trade outlets and catering enterprises in Kyiv and other regions of Ukraine.

After completion of beta testing service will be able to connect payment NFC-marks all clients of the acquiring service through the personal account service or Privat24 for business.

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