The state-owned Ukrgasbank (UGB, Kyiv) has announced the launch of a contactless payment acceptance technology for small businesses in collaboration with Visa, through the UGB Tap&Pay application for Android smartphones, the bank's press service reported on Friday.
"Mobile acquiring operates based on Visa's Tap to Phone contactless payment technology, allowing Android smartphones running version 8.0 and above to function as POS terminals. Entrepreneurs no longer need a physical terminal – simply download UGB Tap&Pay to accept payments conveniently and instantly," the state bank's press release explained.
The bank's press service clarified that the acquiring fee is set at 1.3%. Ukrgasbank plans to launch this service on iOS smartphones next year.
According to the National Bank of Ukraine, as of November 1 of this year, Ukrgasbank ranked 5th in total assets (136.18 billion UAH) among 62 banks operating in the country. The bank's net profit for the first ten months of this year reached 4.84 billion UAH, compared to 3.36 billion UAH during the same period last year.