17. August 2021.17. August 2021.
The evolution of card payments: The pandemic has accelerated the convenience of living

For almost a year and a half, we have been witnessing the introduction of various new rules in all segments of life, and it is now quite clear that this is not about anything temporary, as it seemed at the beginning.

Today, we know for sure that the “new normal” is actually normal, which should have arrived, but the pandemic only accelerated it.

Of course, you already assume that this is not a text about how much the crown and everything around it has affected us. From economics to travel restrictions, it is true that it is. However, you have read such texts so far and listened to the news that explained in detail, or at least tried, what happened and is happening in connection with COVID-19. This is a text in which we write about what we have, in fact, profited from in this whole situation.

First, digitization. In Bosnia and Herzegovina, “digitalization” in every possible form until March 2020 was mentioned as something vague that will certainly happen, but uncertain when. And then, in just 18 months, things changed completely. From grocery ordering applications that have so far been solved halfway and without the ability to pay by card, all the way to applying for loans or managing your own card without going to the bank, we are sure that this whole process has been accelerated due to changed circumstances.

Second and perhaps most visible, card payments. The use of cards has never been accelerated and popularized as in the last year, and for most of them, it is a huge relief in practical life. While cards used to be used, in the rough division, in two cases – for larger amounts and when travelling, today they are used daily, everywhere, for all amounts and on almost every occasion: from paying in cafes to buying white goods and everything in between.

All market players, from cardholders and banks to retailers, contributed significantly to this, as they significantly improved this segment and expanded the network. And not just the network. Today, cards can be used in contactless payment, quickly and without waiting, and through mobile applications it is possible to control the level of consumption and the number of transactions, making that card payment far safer, simpler and more transparent. It is also worth mentioning that in this way we can do excellent control of our own consumption.

Among the banks that were the first to launch the digital mode of operation is certainly ProCredit Bank BH, which describes the first digital bank in BiH and is an excellent example of the evolution we are writing about. In addition to a number of great “normal” newspapers that this bank introduced almost immediately, such as the bank without queues where you complete most of your transactions online, ProCredit was among the first to introduce a contactless limit for high amounts in card payments. In practice, this means that you can make all payments up to 1,000 KM only by touching the POS terminal with a card, without handing the card to the seller. In addition, the bank will notify you by SMS about each transaction of 50 KM and more, which is an additional layer of protection for card payments. If we keep in mind that you can manage your payment limits very easily and literally in a few moments through a mobile application, it seems that this actually completes the convenience and security of using the card in everyday life.

Summarizing everything, the fact is, in addition to the “new normal”, that we got a lot of benefits and an easier practical side of living. Now it is only and exclusively up to us how we will manage it and how much good we will get out of everything.

The evolution of card payments: The pandemic has accelerated the convenience of living

For almost a year and a half, we have been witnessing the introduction of various new rules in all segments of life, and it is now quite clear that this is not about anything temporary, as it seemed at the beginning.

Today, we know for sure that the “new normal” is actually normal, which should have arrived, but the pandemic only accelerated it.

Of course, you already assume that this is not a text about how much the crown and everything around it has affected us. From economics to travel restrictions, it is true that it is. However, you have read such texts so far and listened to the news that explained in detail, or at least tried, what happened and is happening in connection with COVID-19. This is a text in which we write about what we have, in fact, profited from in this whole situation.

First, digitization. In Bosnia and Herzegovina, “digitalization” in every possible form until March 2020 was mentioned as something vague that will certainly happen, but uncertain when. And then, in just 18 months, things changed completely. From grocery ordering applications that have so far been solved halfway and without the ability to pay by card, all the way to applying for loans or managing your own card without going to the bank, we are sure that this whole process has been accelerated due to changed circumstances.

Second and perhaps most visible, card payments. The use of cards has never been accelerated and popularized as in the last year, and for most of them, it is a huge relief in practical life. While cards used to be used, in the rough division, in two cases – for larger amounts and when travelling, today they are used daily, everywhere, for all amounts and on almost every occasion: from paying in cafes to buying white goods and everything in between.

All market players, from cardholders and banks to retailers, contributed significantly to this, as they significantly improved this segment and expanded the network. And not just the network. Today, cards can be used in contactless payment, quickly and without waiting, and through mobile applications it is possible to control the level of consumption and the number of transactions, making that card payment far safer, simpler and more transparent. It is also worth mentioning that in this way we can do excellent control of our own consumption.

Among the banks that were the first to launch the digital mode of operation is certainly ProCredit Bank BH, which describes the first digital bank in BiH and is an excellent example of the evolution we are writing about. In addition to a number of great “normal” newspapers that this bank introduced almost immediately, such as the bank without queues where you complete most of your transactions online, ProCredit was among the first to introduce a contactless limit for high amounts in card payments. In practice, this means that you can make all payments up to 1,000 KM only by touching the POS terminal with a card, without handing the card to the seller. In addition, the bank will notify you by SMS about each transaction of 50 KM and more, which is an additional layer of protection for card payments. If we keep in mind that you can manage your payment limits very easily and literally in a few moments through a mobile application, it seems that this actually completes the convenience and security of using the card in everyday life.

Summarizing everything, the fact is, in addition to the “new normal”, that we got a lot of benefits and an easier practical side of living. Now it is only and exclusively up to us how we will manage it and how much good we will get out of everything.