PrivatBank and Visa launched digital payment in suburban transport in Kyiv region, the first was Kyiv-Boyarka route, the bank's press service said.

"PrivatBank and Visa have introduced the possibility of non-cash payment on suburban shuttle buses in Kyiv and Kyiv region. The Kyiv-Boyarka route has become the first on which it is now possible to pay for transport services electronically," the bank's press service said in a statement on Monday.

It is noted that the technological basis of payment is the Terminal solution from PrivatBank based on Visa Tap to Phone technology, which allows entrepreneurs to easily join the digital economy by installing the application on their smartphone.

"We thought for a long time about how to reduce the 'cash burden' on our business and the work of drivers, as well as give passengers a choice of payment methods for travel, which is especially important for young people. We looked at all the available options in the acquiring market and chose a mobile application for ourselves. Terminal as a more modern and convenient non-cash payment technology. In a fairly short period of time, the number of payments exceeded 7,000 transactions. Among the regular users of the service are not only young people, but also passengers of the older age group," Director of the motor transport enterprise Olena Ruhal said.

PrivatBank launched the Terminal solution in Ukraine in partnership with Visa back in 2021. The application is based on Visa Tap to Phone technology, which turns modern smartphones or tablets based on Android and IOS operating systems equipped with an NFC chip into a full-fledged POS terminal with the same strict security protocols. Monetary transactions are carried out on the basis of EMV – the international standard for payment by bank cards, which assigns each transaction a dynamic cryptogram (token) that cannot be reused, and mobile devices provide an additional level of biometric authentication.

"Tap to Phone technology is a simple yet convenient way for micro and small entrepreneurs who traditionally rely on cash to join the digital economy. This financially beneficial solution can provide customers with contactless payment, making it much easier to do business anywhere, anytime," vice president and regional manager of Visa in Ukraine and Moldova Svitlana Chyrva said.