Contactless payments with smart devices are available to Swedbank's corporate customers

The new payment method is available to Android phone users through Swedbank’s mobile app for businesses, and to iPhone or other iOS smartphones via Apple Pay. The business card can also be paired with Garmin or FitBit smartwatches. Contactless payments with smart devices are available in most places where contactless card terminals are installed.

“We are glad that now our corporate customers also have a fast and convenient way to pay for purchases and services. Our data show that currently contactless payments are not as often used among private customers as they are among private users, but we expect that our corporate customers will appreciate the new opportunities and the share of contactless payments will grow rapidly, ”says Ieva Vīgante, Head of Corporate Banking at Swedbank .

According to Swedbank, corporate customers currently make contactless payments in Latvia only in 29% of cases (21% in Lithuania, 9% in Estonia), while contactless payments among private customers have gained recognition and account for 57% of all card payments in Latvia (in Lithuania 55%, in Estonia – 28%).

Contactless payments with smart devices are a faster alternative to cash payments or card payments by entering a PIN code. In addition, with the built-in security features of smart devices, contactless payments are as secure as regular card payments.

To start using mobile contactless payments with an Android system device or ApplePay, the cardholder must download the Swedbank mobile app on their smart device, select a business debit card that supports contactless payments, and follow the instructions. You can also associate a customer card with a smart watch using Garmin or Fitbit applications. Before making a contactless payment with your phone or smart watch, the customer must activate the contactless payment functionality in the card settings. The purchase limits set for the card will also be valid when using mobile contactless payments.