PriNum and FIDO Bank have launched the first in Ukraine Visa cloud-based payments using Host Card Emulation (HCE) technology through a new bank mobile payment application (The PAY).
Upon completion of installation and a one-time enrollment process of The PAY on an NFC-enabled Android device, any Ukrainian citizen can make fast and secure contactless payments at NFC capable POS terminals.
In order to make a payment, customers unlock the mobile device and hold their smartphone up to a contactless POS terminal. They do not need to open a bank app or visit a branch.
Additionally, users can obtained a digital card without visiting a bank or opening a bank account.
Merchants and businesses that are already accepting payment cards using Visa payWave technology do not need to install additional software or hardware to set POS terminals.
PriNum director Grigory Roginsky said: "We have tried to build it around the principles of being simple, being rewarding and being secure both for customers and for merchants.
"Consumer uptake of mobile payments will be correlated to the value add obtained from using mobile phones. Loyalty, which has already demonstrated to be a key factor in driving consumer payment choice, will be just as important for the acceptance of mobile payments."
Visa FIDO The PAY application is powered by the PrimeKit, a token-ready and digital enablement software platform developed by PriNum for secure contactless mobile services. The PAY offers three safety levels that exclude possibility of fraudulent payments.