OREANDA-NEWS. July 12, 2012. PrivatBank has introduced a unique technology for the European market, which allows owners of mobile devices with embedded NFC chip, to accept easily payments from contactless payment cards.

A new technology allows individuals as well as entrepreneurs to turn any NFC-smartphone into a virtual POS-terminal for receiving contactless payments. It’s enough to bring a contactless card to your smartphone to make a payment for goods and services.

"Recently, mass media wrote that PrivatBank was the first in Ukraine to launch contactless PayPass cards, - said Alexander Vytiaz, the PrivatBank Deputy Chairman. - Today we are among the first in the world who “taught” smartphones to accept contactless payments of both payment systems. "

You just need to download a free IPay application on your NFC-smartphone to use it as a contactless payment terminal. Once the application is activated, the phone will be able to "see" contactless Visa payWave/ MasterCard PayPass cards and stickers issued by any bank in the world and take payments made by them. This service is available to PrivatBank customers in Ukraine, Russia and Latvia.

In November 2011 PrivatBank was the first in Ukraine to implement contactless payment technology and tp perform mass issuance of PayPass cards and stickers. By the end of 2012 payments from contactless cards is to be accepted by more than 70 thousand retail outlets, which have a PrivatBank POS-terminals or any mobile devices equipped with chips for contactless data communication.