This offers SMEs a cost-effective solution for cashless payments, since expensive POS card readers will no longer be necessary. There are no monthly usage fees to use the app, and the transaction fee is 1.8%, with early users only expected to pay 1.3%.
The limit for contactless payments without entering a PIN code is set by German law, yet Wellet allows users to pay larger amounts without entering a PIN by charging the customer in several, smaller amounts. However, there are no restrictions if the buyer pays through ApplePay, Google Pay, or Samsung Pay. A smartphone with Android 8.0 or higher and an NFC function is required for proper functioning, and as soon as the certification of the app is completed in May 2021, the app will be available for free download in the Google Play Store.
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