A third of the population already pays with their smartphones

It has not been long since the Czech Republic started talking about online payments. Within a few years, it has become normal for almost all Czechs to pay with credit cards, not only in stores, but also online via the Internet. Recently, a new trend has emerged in the Czech Republic, and banks are rapidly following suit. It is the use of smartphones to make payments. More and more customers of domestic banks prefer to pay by cell phone instead of plastic cards.

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According to the latest research, the percentage of customers who pay by cell phone at the point of sale exceeds 30%; four years ago, only 13% of customers did so. Thus, banks cannot pretend that this option is not in vogue and must expand the service. Payment services such as Apple Pay and Google Pay have greatly encouraged this new trend.

What about customer feedback?

According to the latest data, the main reasons why bank customers appreciate mobile apps are that they are convenient, save time, and most importantly, they are permanent. The Czech national character is special in that it is not afraid of new technologies at all. Customers quickly become accustomed to mobile payment options, as 91% of Czechs carry a smartphone at all times. This is 6% more than in 2016; among those aged between 20 and 29, 97% carry a smartphone. As a matter of fact, 86 percent of these devices use the Android operating system, 10 percent use iOS, and the remaining 4 percent are covered by Windows.
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Use more?

Yes, according to available data, client spending is increasing. That is, clients who use one of the mobile apps are averaging twice as many transactions per month as those who only have plastic payment cards. Spending on mobile averages about 450 CZK per purchase, compared to 760 CZK for plastic cards.

The future is certain

Banks, of course, are expecting increased interest in phone payments. Predictions suggest that by next year, one in four of their customers will pay this way.