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MTB BANK completely switched to the issue of contactless payment cards

MTB BANK completely switched to the issue of contactless payment cards - photo -

At last year's Davos forum, Nobel laureate Joseph Stiglitz called on the world to gradually switch to digital money settlements. The so-called cashless economy reduces the cost of financial transactions and leads to faster cash flow. The main role in achieving this goal is played by payment cards, the modern manufacturing technology of which allows you to produce “plastic” with contactless functionality and offers technical solutions that allow you to pay for purchases and services using smartphones, tablets and watches.

Interest in cashless payments increases with the introduction of new scientific and technical developments - it is convenient for people to pay with a card without losing it or with the help of various gadgets that support NFC technology. It is fast (payment takes 0.1 seconds) and safe. According to the results of the fourth quarter of 2018, Ukraine showed a high growth rate of NFC transactions and entered the four world countries with the highest level of implementation of this financial technology. The number of transactions with contactless payment cards is also growing - their number increased by 44.3% compared to the beginning of 2018 and reached 4 million units. So, two leading world payment systems Visa and Mastercard, initiated the transition to a completely contactless payment method, and Ukrainian banks are gradually ceasing to issue cards with magnetic tape and chip. More precisely, both the tape and the chip may remain, but contactless payment functionality is required - simply bring the card to the reader and make the payment. Every ninth active payment card in Ukraine is contactless.

Despite the fact that the global payment system Mastercard gave domestic banks time until 2021 for the transition, MTB BANK already issues exclusively contactless cards to all its customers. Along with contactless payment cards, MTB BANK customers have the opportunity to “bind” their cards to a smartphone, tablet or watch - MTB BANK supports the global payment services Google Pay, Apple Pay and Garmin Pay. Since one of the global trends is the development of the “Internet of things” and connected devices (payment functionality becomes a part of any gadget), MTB BANK aims to satisfy the needs of its customers and provide them with all the opportunities that are available in the modern financial world.

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