PrivatBank, one of the national banks of Ukraine, in partnership with payment technology company Visa, has issued a current solution for entrepreneurs, delivery services, and petrol stations. The solution is a program installed on a phone or tablet. Once the application is installed, the smartphone becomes a terminal to receive money and record electronic cheques.
The Terminal application is based on Tap phone technology. The program is supported on mobile phones and tablets, operating based on Android 8.0 and above. The phone must also be equipped with an NFC chip. A unique feature called "developer access" or root access is disabled for proper system operation.
The creators of the POS-terminal for telephones of Ukrainians noted that all contactless operations would be safe. Security is the merit of EMV technology. EMV is an international payment standard for bank cards that binds a token to each transaction. Thanks to the token, it is impossible to withdraw money from the card with the help of the terminal "in a pocket.”
PrivatBank immediately noted areas of activity where downloading and usage of the application will simplify business conduct. It is assumed that the Terminal can be used in trade, entertainment, delivery, and logistics. It is expected that the most appropriate and needed application will be for small and medium-sized business owners.
Indeed, this innovative solution will allow Ukrainians to simplify their business activities. After downloading the application, there is no need to buy additional devices for calculating or monthly rental of terminals.