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When You Should Pay with a Payment Card or Cash

Which should you use? You can pay for your goods in many ways today, but what is the best and safest way to do so? Let us give you some advice.

We all know this situation well: You want to order goods online. You fill in all the necessary details and when you come to the payment method you can choose from several options. You can pay with a payment card, via bank transfer, via internet banking, via PayPal account, cash on delivery or cash. What is the best way to choose? Here are some useful tips and tricks brought to you by a second year of CASHLESS DAY project.

How To Check If an E-shop is a Fraud?

Christmas is typically a peak selling season for retailers in many nations around the world. Sales increase dramatically as people purchase gifts, decorations, and supplies to celebrate.

Fast, comfortable and safe – that is how online shopping should look like. However, we are often not paying enough attention to safety. Online shopping scams involve scammers pretending to be legitimate online sellers, either with a fake website or a fake ad on a genuine retailer site.However, there are certain steps you can take that will help you choose a trustworthy shop. Take a look at our tips and tricksthat will make your shopping safer! These are brought to you by a second year of CASHLESS DAY project.

Could you live only with a payment card?

Startitup.sk tried to go through the day in Bratislava without any cash. How did it go?

Almost every payment today is made by a payment card. Even though, we tried to “survive” one day in Bratislava completely without cash. However, we came across one significant limit. Do you want to know what it is? Check out our page and you will learn more: Dá sa žiť len s platobnou kartou? Dá, ale narazili sme na jeden problém

CASHLESS DAY: Payment Cards and Slovaks

More than 40% payments are made without cash. Is it an upcoming trend? Do we pay more with payment card than in previous years? Marcela Králová, Vice President of Bank Card Association answers your questions in RTVS morning news. Check out more from 43 minute here: http://www.rtvs.sk/televizia/archiv/12993/171424#2597

Cashless payments vs. cash payments. What about Slovaks?

The day of cash is slowly coming to an end. We pay for most of the products online using a payment card.

Do we doubt paying with payment cards or it is natural for us to use them on a daily basis? What about people in Slovakia or Italy? Chairman of Bank Card Association, Rastislav Vallo and President of Cashless Way Geronimo Emili have answered our questions.

We are not afraid of new technologies

The number of non-cash transactions is continuously rising. Also thanks to payments made via smartphones.

Non-cash payments will never completely remove cash from our ordinary lives, but modern technology and the way we use them every day will definitely change their future. Experts who spoke at the second year of the CASHLESS DAY conference organized by a Bank Card Association has also agreed on this.

The Pros and Cons of Online Shopping

Today, there are a wide range of services that can manage online payments. You can use your payment card, bank transfer, PayPal account or cash on delivery to pay for your favorite goods. Which way do you prefer? Do you think it is safe? In the second year of Cashless Day project we present to you a list of pros and cons of different payment services available today.

Payment card:

PROS: It is one of the best ways to pay for the goods or services online. Once you make a purchase, your money should be instantly transferred from your account over to the retailer, allowing them to ship you the goods or services once they have received your payment. Payment cards are accepted worldwide which enables you to use them at any given e-shop at any time, place or pay in any currency. Foreign currency will usually be automatically converted to euro by your bank. Security of payments is also ensured by a cardholder protection rules applying to every card issuer. “If the seller has failed to supply the goods or services, or has supplied goods not up to standard, or the seller has misrepresented what it is supplying, the cardholder may contact the bank to resolve his complain if he is unable to claim his goods at the retailer”, says Marcela Králová.

Account transfer via Internet Banking or Mobile Banking

PROS: This type of payment is as comfortable as paying with a payment card.

CONS: When buying in an e-shop outside of the European region, the time of the transfer is longer and more complicated. Money transfer is not covered by a cardholder protection and when the seller fails to supply the goods, or supplies goods not up to standard, it is up to the cardholder to resolve the situation. If the seller is not willing to cooperate it is very difficult to get your money back.

Cash on Delivery

CONS: Cash on delivery is usually more expensive because it is a paid service. It presents disadvantages also for the merchant who sends goods but it is not sure if the customer will receive it and accept it. Often, when picking up an order you have to have a large amount of cash or exactly calculated amount to be able to pay for the goods. There is also a great risk of receiving a damaged or replaced goods after the payment is made and resolving a complaint can again be very complicated.

Online payment system: PayPal

PROS: If your payment is processed through your payment card it means you are able to add your card to your PayPal account to make payments through PayPal. Cardholder protection ensures to cover all your online transactions and you can contact your bank in case of any complaint.

CONS: If you need to resolve any complaint you need English language. If your payment is processed through your PayPal Credit, Cardholder protections could not by applied.

Payment through a Mobile Wallet

PROS: Mobile wallet is a virtual wallet that stores payment card information on a mobile device. It is an app that can be installed on a smartphone or it is an existing built-in feature of a smartphone (for example Google Pay). If a mobile wallet stores your credit card or debit card information they are as well protected by a Cardholder protection.

From metal to magnetic stripe! This how payment cards evolved

There are approximately 5,2 million payment cards in circulation in Slovakia and more than 92 percent of them are contact less payment cards. Let’s have a closer look at how the first payment card was made and how it evolved through the years around the world.

The first payment card was issued in the United States during the 1914s. It was made out of metal and it enabled its users to make phone calls and send telegrams without the need of immediate payment. The first universal credit card, which could be used at a variety of establishments, was introduced during 1950s.

The first payment card in Slovakia was introduced in 1988. It was issued by the Trade Bank in the former Czech and Slovak Federal Republic. This payment card was also accepted by the Tuzex shop retail chain. Czech National Savings Bank has issued its clients with a payment card to their sporogiro accounts enabling them to withdraw cash from ATMs in mid of 1989. Our banks have soon started to cooperate with MasterCard and Visa. Payment cards issued in Slovakia has since became universally accepted at home and abroad.

Payment cards have come a long way since their beginning. There were several different types of cards (charge cards, credit cards, debit cards, pre-paid cards) and they developed through the years. They were used from merchants to ATMSs all the way to the internet and mobile phones. Card technology has also developed. For example, chip with antenna embedded to the payment card enabled its users to contact less payments.

Which type of modern human are you? Lets find out!

Modern trends coming form the western world consider carrying wallet stuffed with cash and ringing coins a history.

Modern people in a modern society are using smartphones and payment cards to pay for everything they need from city transport to buying a house. It may seem like physical money could soon be a thing of the past and it will be replaced by digital money. Lets find out if you can live in the cashless world.

Do you know how your kids spend money?

You won’t notice when they are using cash. With a payment card however, you are able to track each and every transaction they make and have an accurate overview on how they spend their pocket money.

Trust, but verify. Double-checking is particularly important when communicating with kids. Teach your kids to spend their money wisely. Read why parents are interested in paying their children’s pocket money via bank transfers rather than cash, when is the right time to start giving pocket money and why it is safer online. These tips and tricks are brought to you by Cashless Day project.

Did you get scammed? This is how you keep your money safe!

Many of us have experienced that heart-sinking moment when you realize you are missing your cash or payment card. Do you know what to do if your payment card is lost or stolen?

Having a payment card or cash lost or stolen is one of the most stressful moments. “Not everyone is able to handle such situation without panicking” says Rastislav Vallo, chairman of National Bank Association. According to Vallo, we usually fail to take the right action when we are under pressure of losing cash or payment card which can cause irreversible financial damage. Follow these steps to ensure your finances stay safe.

We are the leader in Cashless payments

Digital technology leaders spoke at the first Cashless Day conference.

“Slovakia is a leader in using contactless payment cards. We have quickly adopted new technologies and we are keen to use them on a daily basis. I believe that we will soon reach the numbers of Scandinavia in using modern payment methods,” said Peter Pellegrini, Deputy Prime Minister for Investments and Informatization in his opening speech.

According to Rastislav Valla a chairman of the Bank Card Association, nowadays more than 60% of transactions are cashless and the remaining 40% are cash payments. In Scandinavian countries for example more than 80% of transactions are cashless and only 20% of transactions are being paid by cash according to Valla.

Head of FinTechsummit speaking in Bratislava

Money laundering, black market, drug related payments and terrorist financing. On one hand cash means freedom and on the other hand it could be also used for criminal purposes. Back in early 2016 Norway proposed to stop using cash as a means of payment in the country. The underlying idea of such proposal was that more than half of all cash transfers in Norway are being made without the banks’ control.

Scandinavian countries are becoming cashless societies

The Norwegian krone can soon be seen only in museums. The whole Scandinavia is turning back from cash. Money is being transferred into the virtual space also thanks to the special guest who will speak at the Cashless Day conference in Crowne Plaza Hotel in Bratislava.

Forget cash. This is how we will pay in the future

Take a look at your cash in your wallet. It is more than likely that we will see less cash in the near future.

Contactless payments are very popular in Slovakia and more and more people use the on a daily basis. In 2016 more 40% of payments were made by Contactless cars. At the Cashless Day event we asked people about the latest trends in cashless payments.

Do you buy online? This is how you won’t lose any money

The world wide web has made shopping an altogether more pleasant, cost-effective and user-friendly experience.

However, buying online has its risks and you can easily lose your money. What is the best way to pay online so you could easily claim your goods or services? Thanks to Cashless Day project that has recently launched in Slovakia for the first time ever here are a few top tips on buying online in a safe and secure way.

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