In a groundbreaking transformation of the traditional banking landscape, the Czech Republic has witnessed the swift adoption of a revolutionary service allowing money transfers through mobile numbers instead of account numbers. Launched just a month ago in mid-November, the service has already garnered significant traction, with a remarkable 412,000 individuals registering their mobile numbers in the Czech National Bank’s registry—a prerequisite for utilizing this innovative banking feature.

The service empowers anyone wishing to receive money to register their mobile number, streamlining the transaction process. Presently, six banks, namely Air Bank, Ceska sporitelna, CSOB, Fio banka, Komercni banka, and Raiffeisenbank, participate in this pioneering system. Moneta Money Bank and UniCredit Bank are set to join after the New Year, further expanding the reach of this transformative service.

While both Czech and Slovak phone numbers are eligible for registration, the usage of Slovak numbers is anticipated to be minimal. For instance, reported figures indicate only 325 Slovak numbers with CSOB and just a few dozen with Ceska sporitelna.

User reception has been overwhelmingly positive. Raiffeisenbank, for instance, reported that 60,000 people have registered for the service, with an impressive 15,000 successful payments completed within the first month, according to their expert, Michal Bosina. Air Bank has seen 110,000 individuals activate the service, with daily transactions peaking at 4,000 in the initial days.

This innovative system not only introduces unparalleled convenience but also prioritizes transaction security. The registry is non-public, mitigating the risk of misuse.

Article by Prague Forum