People like being smart. In banking and insurance too

What comes after mobile phone and smart watch payments? Banks have more solutions in the pipeline.

New payment methods are popular in Slovakia.New payment methods are popular in Slovakia. (Source: Courtesy of Slovenská Sporiteľňa)

Back in 2008, payment card companies turned Slovakia into one of their labs to test contactless payments. Some were initially suspicious, but most card users swiftly became used to them and a large part of the population now takes contactless payments, even on their phone, for granted.

Related articleAttackers use latest technologies to trick bank clients for moneyRead more 

By 2018, the data of the Bank Card Association shows around 40 percent of all card transactions are contactless and there is an appetite for new trends in the country. With the novel coronavirus pandemic, contactless payments turn out to be a solution for people who are advised to and trying to avoid contact with others at all costs.

Several banks now thus offer various contactless payments options, some not even requiring people to carry around their cards. A mobile phone or a smart watch replaces them. At the same time, an increasing number of services once offered at brick-and-mortar branches are becoming digital.

“It’s an unstoppable trend,” Maroš Ovčarik, executive director of the Finančný Kompas website that helps its visitors familiarise themselves with the financial market, told the The Slovak Spectator. “The financial institutions that don’t catch up with digitalisation can face a big competitive disadvantage in the future.”

Related articleDigital banking is becoming a reality in SlovakiaRead more 

Yet, there are still some fields in digitalisation where Slovakia needs to catch up with other countries.

“Even an ordinary internet banking or mobile app user sees certain imperfections,” Ovčarik added.

Despite digitalisation trends, banks do not expect to close their branches for good anytime soon. The services they offer have to transform, though.

Mobile payments popular

The rest of this article is premium content at Spectator.sk
Subscribe now for full access

I already have subscription - Sign in

Subscription provides you with:
  • Immediate access to all locked articles (premium content) on Spectator.sk
  • Special weekly news summary + an audio recording with a weekly news summary to listen to at your convenience (received on a weekly basis directly to your e-mail)
  • PDF version of the latest issue of our newspaper, The Slovak Spectator, emailed directly to you
  • Access to all premium content on Sme.sk and Korzar.sk

Top stories

No single list of foreigners who are entitled to vote in Slovakia exists.

It is a simple question. How many foreigners vote in Slovakia?

The million-dollar question the state and towns can hardly answer.


24. sep
Reconstruction work on the Monument of Liberation and Victory, unveiled in 1955 in the Dargov mountain pass, which commemorates the liberation of eastern Slovakia from Nazism.

Police have finally found a very old book, arresting alchemy buffs

Set out on a Malá Fatra hike, avoid the Bratislava cable car from Monday.


24. sep
Not all stretches of the long-awaited D4/R7 bypass of Bratislava will open as originally planned.

Problems with Bratislava bypass opening continue

Not all of its stretches will be put into operation on Sunday as officially planned.


24. sep
Bratislava Mayor Matúš Vallo speaks to foreigners at [fjúžn] festival's "Ask the Mayor" event.

Foreigner’s community has a big voice, but it needs to be more organised

Bratislava Mayor Matúš Vallo addressed the questions and concerns of foreigners in Bratislava during a special Q&A.


23. sep
Skryť Close ad