Sparkasse turns the iPhone on its head – and everyone benefits

Sparkasse is turning the iPhone into a payment terminal: With Apple’s Tap to Pay, Girocard holders can now pay for their purchases on the retailer’s iPhone – without the need for a traditional card terminal. Encrypted payments can also be made using NFC with the Apple Watch.

Sparkasse POS: Tap to pay with Girocard

With an update of the free POS app from Sparkasse, Tap to Pay from Apple now also works with regular Girocards For contactless payment – ​​for example in a restaurant – a conventional card terminal is no longer required. An iPhone or Apple Watch held up to the card is sufficient to pay using NFC encryption.

The savings banks are the first banking group in Germany to offer such payment with the GirocardThe payment terminal provider SumUp had previously presented a similar solution, but it did not support the debit card most commonly used in Germany. That has now changed with the Sparkasse.

For the dealers The system offers enormous advantagesi.e. the Sparkasse. All you need is an iPhone XS (2018) or newer and a contract with the Sparkasse. Additional hardware may not be purchasedthe Apple phone is sufficient. This makes the solution particularly attractive for small businesses and mobile retailers.

Safety is always the main focus. Apple does not store card details or transaction informationInstead, the technology uses the iPhone’s built-in security features to encrypt all data (source: Sparkasse POS).

Merchant costs for Tap to Pay with Girocard

While contactless payment is free for the customer, costs are incurred by the dealer – just like with transactions without Tap to Pay. The savings banks charge 0.79 percent for Girocard payments, 0.89 percent for V-Pay or Maestro and 1.90 percent for Visa or Mastercard transactions via Payone.

In the video: This is how Tap to Pay works on the iPhone.

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