A compromise between cards and cash? Czech banks launch new payment system
The new tool which negates the need for a classic payment terminal, helps reduces fees for businesses and is open to all bank clients.
In a push to advance cashless transactions, four Czech banks, spearheaded by Air Bank, are rolling out a novel solution that lets merchants skip traditional terminals while eliminating the need for customers to pay in cash.
While 90 percent of Czechs use cashless payments at least once a week, a recent survey found that over half of consumers reported that they have encountered businesses that do not accept cards, often due to the high costs associated with payment terminals.