State-owned Ukrgasbank (UGB, Kyiv) has announced the launch of contactless payment acceptance technology for small businesses through the UGB Tap&Pay application for Android smartphones in cooperation with Visa, the financial institution’s press service said on Friday.
“Mobile acquiring is based on Visa Tap to Phone contactless payment technology, which allows you to use a smartphone on the Android operating system version 8.0 and higher as a POS terminal. Now entrepreneurs no longer need a physical terminal – download UGB Tap&Pay and accept payments conveniently and instantly,” the state bank’s press release explains.
The press service of the financial institution clarified that the acquiring fee is 1.3%. “Ukrgas plans to launch this service on smartphones with the iOS operating system next year.
According to the National Bank of Ukraine, as of November 1 this year, Ukrgasbank ranked 5th (UAH 136.18 billion) among 62 banks operating in the country in terms of total assets. The financial institution’s net profit for the first ten months of this year amounted to UAH 4.84 billion, while in the same period last year it was UAH 3.36 billion.
