In the Central European country of Slovakia, a mobile phone banking revolution is taking place. Thousands of people are now regularly making payments using their mobile phone. It’s all down to new technology that several Slovakian banks have introduced.
The system being used in Slovakia is called Near Field Communication (NFC) technology. This offers users a user-friendly solution to the mobile payment hang-up, but it requires coordination between banks and mobile operators, as well as infrastructure in shops. Slovakia is considered the European leader in adopting innovative solutions.
Category: Economic / Banks / Business