Do Czechs Prefer Cash or Card Payments?

At the beginning of the year, media reported that Czechs are European record holders in paying with a contactless card . VISA firm on that occasion came with an interesting Infographics on its cards.

But contactless cards are not enough for Czechs. Other statistics show that we are also European leaders in terms of absolute news – payments using biometric applications .

 

Pay by card – no card!

Pay by card - no card!

Imagine that you no longer need to take your card out of your wallet when making payments at the store. And even better – you don’t have to copy your 16-digit card ID and other details when shopping online.

This is enabled by the MasterPass application on smartphones. Simply authorize your card and choose a 6-digit PIN code. If you have an iPhone 5s or higher, you can use your fingerprint to launch .

The application, which is the first in the Czech Republic and one of the first in the world, is now used by about 60 thousand people and more are added every day. In addition to comfort, it also guarantees absolute security – in hundreds of transactions, MasterCard has not yet discovered a single fraudulent business.

 

Czechs love cards, but they have two problems

Czechs love cards, but they have two problems

Despite the European leadership in our country, however, still (a bit paradoxically) cash payment is still leading . Specifically, only one in ten Czechs would like to give up completely. In short, we still have a rooted notion that we must have at least a few change in our wallet.

Another fact is striking. A March survey by the Czech Banking Association revealed that more than half of those surveyed did not know the differences between debit and credit cards . Czechs are thus deprived of considerable savings, because with smart use of credit card saves with every payment.

 

Knowing the differences pays off

Knowing the differences pays off

There are 11 million payment cards in the Czech Republic , a few thousand more than the population. Therefore, it certainly does not hurt to recall a few basic facts:

  • A debit card belongs to a bank account and you use your own money to pay with it.
  • The credit card works as a pre-approved loan . Whenever you pay with it, you draw the lender’s money. If you pay them by the end of the interest-free period, you will not pay any interest.

In addition, the credit card comes with many discounts and benefits . For example, whenever you pay with our Premium card , we will refund at least 1% of the purchase price back to your account. If you shop with our partners , it can be up to 20%.

Your percentages will turn into a premium $ in your account, and as soon as you collect 100, we’ll mail you a $ 5 voucher that you can use again to purchase. In addition, special events await you every month .

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