Entrepreneurs can now utilize iPhones with the Terminal app installed to accept payments. Forbes Ukraine reported on this development.
Ukraine is the third European country and the seventh worldwide to enable iPhone usage, instead of traditional bank terminals, for accepting payments.
This new service allows entrepreneurs to use their Apple smartphones as payment terminals. To do this, they need to install the Terminal app. The payment process is straightforward: sellers input the payment amount into the app, and customers tap their bank cards on the top of the smartphone. After the transaction is completed, a payment receipt is sent to the customer via SMS or messenger apps. This service is compatible with iPhone XS and newer models.
It’s worth noting that payments can be made not only with contactless bank cards but also with other NFC-equipped devices, such as smartphones, bracelets, key fobs, and rings.
PrivatBank says that this solution is secure and user-friendly, caters to businesses of all sizes, from small street vendors to large retailers. It enables quick and convenient payments, fostering financial inclusion, scalability, and efficiency for businesses.
The service allows not only payment acceptance but also the recording of cash transactions, the creation and fiscalization of receipts, and the transmission of information to tax authorities.
Recall that in 2021, PrivatBank, in collaboration with Visa, was one of the first in Ukraine to introduce mobile payments through smartphones running on Android. To do this, users needed to download the app from the Play Market, register, and provide their user data. Any NFC-enabled phone and tablet running Android 8.0 or higher can be used to accept payments.
PrivatBank is the largest state-owned bank in Ukraine, founded in 1992. It serves more than 19 million clients, both individuals and legal entities. Across the country, over 1,000 branches, 5,000 ATMs, and 10,000 self-service terminals of PrivatBank operate daily. In 2022, PrivatBank’s share in the retail loan portfolio grew from 26% to 32%, and the business received UAH 23.8 billion in new loans.