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Technology has changed the world of money and settlement forever. Today it is quite possible to leave the house without a wallet and even cards and solve all your affairs. All thanks to the fact that our finances have gradually moved to mobile phones and other gadgets.
According to a study conducted by Mastercard, 87% surveyed would choose a mobile phone as an alternative to a physical card.
Contactless payments are one of the main trends among all financial innovations of our time. First, users were able to pay at the checkout faster and more securely with one touch of the card to the terminal. Then contactless payments using smartphones and other gadgets began to gain more and more popularity. With Apple Pay, Google Pay, Samsung Pay, and other mobile wallets, shopper behavior has changed forever. Convenience, safety and speed - these are the main characteristics of payments in the era of cardless. And for all this, NFC (wireless data transmission technology) technology is responsible, which is already deeply rooted in the banking sector, and is definitely not going to go away.
PaySpace Magazine has collected examples of the successful application of NFC in mass banking products.
So, users of Android smartphones were able to upload their payment card data to the application and pay for purchases using the GPay service, simply by bringing the phone to the payment terminal.
A year later, the service was supported by 18 banks. Some of them seek to make it even easier for users to make calculations using a smartphone.
Thus, Bank became the first bank, which provided a unique opportunity to digitize the cards of its customers directly in the mobile Bank Mobile. Integration with the global payment system GPay was made possible through the use of push provisioning technology.
This decision was another step towards full-fledged digital delivery, which was successfully completed during the next year of mobile application development. Bank's client can independently order any card in the application, activate it, set a PIN, bind it to GPay and start making purchases.
In the spring of 2018, also got the opportunity to use Apple Pay. A year after the launch of the service, the 10 largest banks supported Apple Pay.
According to Bank, from the beginning of 2019 to the current moment, the base of card clients who tokenized the card is at least 43% of the total number of users. The increase in customers who pay for purchases using Apple Pay is on average 161%, with Google Pay - 128%. Thus, the number of contactless payment users is constantly growing.
And it is not surprising, because, in fact, a smartphone today is a much more important "accessory" than any wallet with cash and even cards. A smartphone is an incredible center of attention, it has everything - connection with the whole world, favorite music, photos, etc. Leaving home, it is harder to forget your phone than your wallet. We can safely say that the cashless era has transformed into the cardless era.
The global trend of wearable devices that support payments is not limited to smartphones. Watches, bracelets, rings and other accessories become instruments for payment.
In the summer of 2018, were able to use their Garmin watches to pay for purchases. A month later, Garmin Pay became available to clients of six banks.
ATM with new functionality is easy to recognize by the graphic image of the contactless payment sign. You just bring your smartphone or smart watch with a tokenized payment card to the zone with this sign and after entering the PIN code, make the necessary operation. For the bank's clients, the list of such operations will be as broad as possible: viewing the account balance, receiving a mini-statement, replenishing a card, transferring to an Bank card, connecting to an SMS informing service, replenishing the Profitable Safe, etc.
Customers of other banks can withdraw cash and view the balance, of course, subject to the appropriate support for the functionality on the side of the issuing bank. Today more than 120 such ATMs, and their number will grow.
Visa QR payment technology allows you to carry out non-cash transactions using a mobile application on a smartphone.
This product will be of interest to small and medium-sized entrepreneurs who provide services to the population or have trading platforms. For example, coffee shops, retail stores, beauty salons, sports clubs, tailor shops, private healthcare facilities, etc.
To understand how technology integrates into everyday life, you can use the example of the same coffee shop.
The owner generates a QR code, into which the cost of this or that drink is already "embedded". The buyer just needs to scan this code using one of the scanner applications installed on his smartphone to pay with any card. Bank customers have the opportunity to pay through a QR code using the Mobile mobile application. In this service, Bank provides payments by QR-code for buyers and services of settlement and cash services for individuals.
The QR code with the price is generated by a special application QR MSB. To connect such a service, you need to fill out an application for connection on the official website of Bank using the link... Today, QR MSB runs on Android system.
The world is rapidly moving towards abandoning cash, and cards as a payment tool are being digitalized and gradually migrating to smartphones and wearable electronics devices. Modern users value their time and choose solutions that provide maximum convenience. We are sure that soon we will learn about a new application of NFC, which will make our life more comfortable.
According to a study conducted by Mastercard, 87% surveyed would choose a mobile phone as an alternative to a physical card.
Contactless payments are one of the main trends among all financial innovations of our time. First, users were able to pay at the checkout faster and more securely with one touch of the card to the terminal. Then contactless payments using smartphones and other gadgets began to gain more and more popularity. With Apple Pay, Google Pay, Samsung Pay, and other mobile wallets, shopper behavior has changed forever. Convenience, safety and speed - these are the main characteristics of payments in the era of cardless. And for all this, NFC (wireless data transmission technology) technology is responsible, which is already deeply rooted in the banking sector, and is definitely not going to go away.
PaySpace Magazine has collected examples of the successful application of NFC in mass banking products.
Pay by smartphone
The first operation modernized by NFC technology was the card payment process.So, users of Android smartphones were able to upload their payment card data to the application and pay for purchases using the GPay service, simply by bringing the phone to the payment terminal.
A year later, the service was supported by 18 banks. Some of them seek to make it even easier for users to make calculations using a smartphone.
Thus, Bank became the first bank, which provided a unique opportunity to digitize the cards of its customers directly in the mobile Bank Mobile. Integration with the global payment system GPay was made possible through the use of push provisioning technology.
This decision was another step towards full-fledged digital delivery, which was successfully completed during the next year of mobile application development. Bank's client can independently order any card in the application, activate it, set a PIN, bind it to GPay and start making purchases.
In the spring of 2018, also got the opportunity to use Apple Pay. A year after the launch of the service, the 10 largest banks supported Apple Pay.
According to Bank, from the beginning of 2019 to the current moment, the base of card clients who tokenized the card is at least 43% of the total number of users. The increase in customers who pay for purchases using Apple Pay is on average 161%, with Google Pay - 128%. Thus, the number of contactless payment users is constantly growing.
And it is not surprising, because, in fact, a smartphone today is a much more important "accessory" than any wallet with cash and even cards. A smartphone is an incredible center of attention, it has everything - connection with the whole world, favorite music, photos, etc. Leaving home, it is harder to forget your phone than your wallet. We can safely say that the cashless era has transformed into the cardless era.
The global trend of wearable devices that support payments is not limited to smartphones. Watches, bracelets, rings and other accessories become instruments for payment.
In the summer of 2018, were able to use their Garmin watches to pay for purchases. A month later, Garmin Pay became available to clients of six banks.
Withdraw cash by smartphone
The use of a smartphone as a "key" to banking operations has continued with ATMs. The latest news on a given topic is the launch of a contactless ATM network by Bank, which took place at the end of November.ATM with new functionality is easy to recognize by the graphic image of the contactless payment sign. You just bring your smartphone or smart watch with a tokenized payment card to the zone with this sign and after entering the PIN code, make the necessary operation. For the bank's clients, the list of such operations will be as broad as possible: viewing the account balance, receiving a mini-statement, replenishing a card, transferring to an Bank card, connecting to an SMS informing service, replenishing the Profitable Safe, etc.
Customers of other banks can withdraw cash and view the balance, of course, subject to the appropriate support for the functionality on the side of the issuing bank. Today more than 120 such ATMs, and their number will grow.
Use a smartphone instead of a payment terminal
But the benefits of contactless payments don't just end with benefits for private customers. The latest payment technologies, including the use of QR codes, turn a smartphone not even into a means of payment, but into a universal payment instrument. In September 2019, Bank presented a tool for a mobile payment solution for business based on the technology of QR payments from Visa - Visa QR payment.Visa QR payment technology allows you to carry out non-cash transactions using a mobile application on a smartphone.
This product will be of interest to small and medium-sized entrepreneurs who provide services to the population or have trading platforms. For example, coffee shops, retail stores, beauty salons, sports clubs, tailor shops, private healthcare facilities, etc.
To understand how technology integrates into everyday life, you can use the example of the same coffee shop.
The owner generates a QR code, into which the cost of this or that drink is already "embedded". The buyer just needs to scan this code using one of the scanner applications installed on his smartphone to pay with any card. Bank customers have the opportunity to pay through a QR code using the Mobile mobile application. In this service, Bank provides payments by QR-code for buyers and services of settlement and cash services for individuals.
The QR code with the price is generated by a special application QR MSB. To connect such a service, you need to fill out an application for connection on the official website of Bank using the link... Today, QR MSB runs on Android system.
The world is rapidly moving towards abandoning cash, and cards as a payment tool are being digitalized and gradually migrating to smartphones and wearable electronics devices. Modern users value their time and choose solutions that provide maximum convenience. We are sure that soon we will learn about a new application of NFC, which will make our life more comfortable.