In a pivotal move to digitize the payment landscape and enhance customer experience, Ukraine’s premier financial institution, PrivatBank, has officially launched Apple’s Tap to Pay on iPhone contactless payment feature for its clientele across the nation.

Aimed at serving a diverse range of businesses, from nascent street vendors to sprawling retail outlets, this advanced functionality empowers users to accept in-person, contactless payments using just their iPhone effortlessly. This eradicates the need for traditional PoS terminals or any additional hardware.

Central to this initiative is the Terminal iOS app, an application developed by PrivatBank. Notably, users won’t require anything more than an iPhone XS or a subsequent model to avail of this service.

The integration promises a seamless registration and transaction process

Merchants can set up Tap to Pay on iPhones within minutes. The process is straightforward: once registered, enter the transaction amount in the Terminal app, and the customer will then bring their contactless payment medium close to the merchant’s iPhone to finalize the transaction.

Apple’s Tap to Pay technology leverages the inherent features of the iPhone to ensure that both the merchant’s and the customer’s data remain private and secure. This initiative not only underscores the importance of cybersecurity but also exemplifies the bank’s commitment to championing privacy.

Gerhard Boesch, Chairman of the Board of PrivatBank, expressed his enthusiasm regarding this development: “As a state-owned bank with the largest share of small and medium-sized businesses, we feel a great responsibility to support businesses to scale — and save — with fast, in-person payment solutions.’’

Yevhen Zaigraiev, a key member of PrivatBank’s SME Board, further echoed these sentiments, envisioning the technology’s potential impact on various businesses: “We are confident that this service will be convenient for all types of businesses, from retail stores to hairdressers and food stalls, taxi drivers and market traders.”

Zaigraiev further elucidated the multifaceted capabilities of the Terminal app, stating it not only enables businesses to record and manage cash transactions and generate and fiscalize checks but also facilitates seamless transfers of transactional data to tax authorities.

Featured Image Credit: Photo by Karolina Grabowska; Pexels; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.