Two Kosovo banks, ProCredit Bank and TEB Bank have made a step in the right direction towards a cashless society by offering contactless payments, which include the ability to pay at hundreds of POS terminals around Kosovo without the need to swipe a card or enter the PIN, making payments super fast and quite efficient.
Initially, the payments are limited to 15 euros per transaction and a maximum of 4 purchases within 24 hours, while the maximum amount of money that can be transferred is 100 Euros. Transactions and payments can also be done at ATMs. However, customers do need to apply for new cards that support the latest contactless technology.
Contactless is a fast, easy and secure way to pay, for purchases costing Â£30 and under (in the UK for example).
Contactless payments are becoming increasingly common on a range of devices including Prepaid, debit, charge and credit cards and also devices such as watches and smartphones and tablets.
The underlying technology for all of these contactless payment devices is the same. The contactless device contains an antenna so that when it is touched against a contactless terminal, it securely transmits purchase information to and from the terminal. You can tell if you have a contactless card if you see the following contactless indicator on the front or back of your card.
In the UK only, nearly one in ten card spending transactions takes place in a contactless manner. This is already an 11% increase compared to the same period in 2015. More importantly, the year 2015 has seen 50 million more contactless transactions compared to all of 2015. An interesting increase, and only a sign of things to come.