Ukrainian financial services provider PrivatBank has unveiled its cloud-based mobile NFC payments service using host card emulation (HCE).

Available in beta, the new Liqpay app will work with NFC smartphones running on Android 4.4 KitKat to allow users register any MasterCard or Visa card to fund payments made with a tap of their phone at contactless terminals.

It is reported that HCE will allow any NFC application on an Android device to follow a smart card, letting users pay with their smartphones, while permitting financial institutions to host payment accounts in a secure, virtual cloud.

PrivatBank e-commerce business head, Alexander Vityaz, said: "Consumers will be able to download a beta-version of the Liqpay App starting tomorrow. We decided to use HCE because it is independent and a very easy solution."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.