Electronic payments

Electronic payments are the widest category of FinTech services covering any kind of non-cash financial transactions performed through various payment instruments, e.g. when purchasing online or at the point of sale. The main purpose of introducing innovations in electronic payments is an improvement in effectiveness of the implementation of these services by increasing the level of convenience and comfort of customers with a simultaneous maintaining of the necessary safety principles. Innovations regarding the electronic payments may apply to the type of a payment instrument, channel or payment method. The examples of innovative solutions in the area of electronic payments are as follows:
  • Mobile contactless payments based on HCE technology (Host Card Emulation) – the payment card data is recorded on an external server using cloud computing. This solution does not require a cooperation with a mobile phone operator
  • Mobile payments based on a system of a one-time codes generated in the application installed on your smartphone – the solution allows to make payments in the traditional stores and on the webstores, withdraw money from ATMs or transfer funds to a recipient's mobile phone
  • Systems aggregating online payments (handling different forms of payments, among others, credit transfers, card payments or mobile payments systems)
  • Express pay-by-link payments (when purchasing online the customer receives a specifically generated link through which he goes to internet banking system where he approves an automatically completed transfer form to the indicated payee)
  • Electronic wallets (e-wallets, digital wallets, e-purses) – special Internet accounts with money transferred to them before (e.g. by credit transfer), which enable making quick payments on the Internet; it is also possible to directly connect an e-wallet with a debit or credit card. The payment order is initiated by selecting e-wallet as a payment method, then a payer logs in to an account and approves transaction (giving the card number each time is not required). Electronic wallets may be also used for mutual transfer of funds between their users
  • Biometric technologies for payments authentication (e.g. fingerprint authentication with the use of a fingerprints reader)
  • Tokenization – replacing the payment card number with a special string of digits (the so-called token) that can be used for the authentication of payments without disclosing card data each time