19 March 2020
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Day-to-day transactions & digital banking solutions

Even though the World Health Organization has not issued any warnings about the possibility of spreading the coronavirus through the use of cash, customer appetite for digital banking services is likely to increase, forcing many traditional financial institutions to fast-track digital innovations. As a result, many legacy banks and credit unions may turn to fintech firms for assistance in rolling out improved digital banking solutions. Accordingly, many banks have taken steps in their day-to-day functioning to reduce the risk from the coronavirus outbreak. Why take the risk with traditional payment methods which could expose countless people to the COVID-19 infection, when we should be able to just wave our phones over no-touch payment terminals. Will the world finally be ready to adopt digital wallets now that their lives may depend on it?

The National Bank of Serbia (“NBS“) has announced that as of 27th February a new payment instrument is available at points of sale. Payments can be made through an advanced mbanking application by simply displaying or scanning the NBS IPS QR code. Accordingly, you can pay via the NBS IPS QR code by selecting the “IPS show” or “IPS scan” option.

  • With the “IPS show” method, as with any other purchase, the buyer comes to the cashier, the merchant scans the products and at the moment of payment the buyer tells the merchant how he wants to make an instant payment. Then buyer activates the mbanking application, presses the “IPS show” feature, enters his/her PIN code, fingerprint or scans the face for authentication and shows the IPS QR code to the merchant. The merchant scans the IPS QR code on the buyer’s phone and the transaction is completed in seconds. The buyer at the point of sale receives information that the transaction has been successfully completed, after which the fiscal bill is printed and the buyer can take his goods.
  • With the “IPS scan” method, you can pay bills that have a printed IPS QR code simply by using the mbanking application. By clicking on the “IPS scan” feature, the payer activates the camera on his phone and scans the IPS QR code on the printed bill, then selects the account from which he wants to pay and enters the PIN code, after which the details of the payment authorization are displayed. The user can modify e.g. the amount and then, by clicking on the option “Submit authorization”, initiates realization of payment of the bill. Fields that are important to the payee for further postings, such as e.g. call to number, cannot be changed in order to avoid any errors.

Use of this payment method should significantly reduce the risk of consumers contracting coronavirus. Senior citizens are likely to have a deep-seated animosity towards these new technologies due to a lack of knowledge, regardless of the fact that they are those who are the most vulnerable. That said, we have faith in our elders and their wisdom.


For more information, please contact us via covid19@geciclaw.com