Ukraine becomes the seventh region to support Tap to Pay, following similar rollouts in the UK, Australia, Taiwan, Brazil, and the Netherlands earlier in 2023.
The feature was introduced in the United States in February 2022, and allows compatible iPhones to accept payments via Apple Pay, contactless credit and debit cards, and other digital wallets, using only an iPhone - no additional hardware or credit card machine is required.
PrivatBank is the first payment platform to offer Tap to Pay on iPhone to its Ukraine-based business customers. Apple's system uses NFC technology to securely authenticate the contactless payments, plus the feature also supports PIN entry, which includes accessibility options.
Speaking on this roll-out, officials from PrivatBank said they are happy to launch Tap to Pay on iPhone for entrepreneurs and businesses in Ukraine and to be providing this simple and secure solution that offers greater flexibility for accepting payments for businesses of all sizes, from street vendors to large retailers. As a state-owned bank with one of the largest shares of small and medium-sized businesses, they feel a great responsibility to support businesses to scale – and save – with fast, in-person payment solutions.
Tap to Pay on iPhone requires iPhone XS or newer models and works for customers as any normal Apple Pay transaction would. Sellers just need to open up the app, register the sale, and present their iPhone to the buyer, who can then use an appropriate contactless payment method.
In October 2023, Apple has introduced Apple Pay Later in the US. It is a Buy Now, Pay Later (BNPL), allowing users to split purchases into four payments over six weeks, ranging from USD 75 to USD 1000, with no interest or fees. Customers manage payments in Apple Wallet and can apply for loans without affecting their credit score. Each purchase constitutes a separate loan, visible in the Wallet, and payments can be automatic or manual.
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