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Overview of PrivatBank mobile payment terminal

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gautam gupta
Overview of PrivatBank mobile payment terminal

Mobile payment terminal of PrivatBank was launched in August 2011.

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At the conference “Site Formula: Starting to Earn”, which took place on September 29, a representative of PrivatBank spoke in more detail about this technology. Alexander Arkhipov from the e-business department spoke about a new technology for accepting money to a bank card using a mobile phone and a mobile payment terminal.

The technology of accepting payments from mobile is not new. It was launched by the American company Square in 2009, whose creator, Jack Dorsey, is also the founder of Twitter.

Mobile payments with Square

The new technology for Ukraine was launched just a month ago and works on Android phones, iPhone, iPad.

In order for the device to work, you need three things:

- a mobile phone with headphone jacks (currently only Android, iPhone, iPad)

- download the application

- the device itself

At the conference, PrivatBank announced plans to launch support for MacBook, Windows. On computers, the device will work a little later.

Why do you need a Mobile Payment Terminal?

In addition to the ability to accept payments for services and goods from a bank card, there are rumors that by Euro 2012 a new law will be introduced that all outlets will be required to have payment terminals for accepting cards.

How to use the PrivatBank Mobile Payment Terminal

1. install “iPay” application from iTunes Store, or from Android Market

2. connect the reader to the audio jack of the device

3. select the menu “Accept payment”

4. swipe the card through the reader and enter the amount

5. receive money

Mobile terminal PrivatBank

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Disadvantages of the Mobile Payment Terminal

Most of the questions asked by those present at the conference were related to system security .

- Doubtful fraud protection system (anyone can get terminals). Fraudsters can use this to read card data. How is the buyer protected?

- How to give the buyer a receipt of payment (which is mandatory under the laws of Ukraine)

- What happens if the buyer makes a purchase, and then contact the bank to dispute the transaction. Or when a purchase is made with a stolen card.

How then is the protection of the seller?

The issues of legislative regulation of the use of the PrivatBank Mobile Payment Terminal remain open .

Anyone can get mobile terminals. Privat Bank does not ask for either a certificate of registration of an enterprise, or a special card for entrepreneurial activity. And you can get this terminal for free!

Even at the conference, terminals were distributed to everyone.

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