<span class="vcard">sylvia.trakada@tr-sys.eu</span>

The Future of Payments for Financial and Retail Organizations

We are pleased to announce our upcoming event: The Future of Payments for Financial and Retail Organizations, which will take place on June 13 at 11:00 AM, at Paragraph Tbilisi.

During the conference, we will explore and discuss:

You may view the agenda in this link below

Agenda- Transaction systems

 

A New Direction in Instant Payments: NFC Technology and Digital Convergence

The world of payments is undergoing constant transformation. While contactless card transactions once represented the pinnacle of technological advancement, a new generation of instant payments is poised to take the lead. At the PayTechShow on April 15, 2025, Igor Szpirin, Product Director at Transaction Systems, highlighted that although NFC (Near Field Communication) technology is not a prerequisite for instant payment systems, it can play a significant role in their successful adoption.

According to Igor Szpirin, NFC technology can substantially contribute to the success of instant payments – if implemented correctly. He pointed to Hungary’s qvik system and POS-based HCE (Host Card Emulation) as examples of how the right technology can greatly increase acceptance of instant payments and offer a real alternative to traditional card transactions.

“The key lies in optimizing the user experience, minimizing technological barriers, and actively involving cashiers and merchants in the rollout of new technologies,” he emphasized.

NFC vs. QR Code – The Decisive Role of User Experience

Instant payment systems are increasingly gaining attention worldwide as alternatives to traditional card-based payments. By definition, instant payments are transactions that are completed within 10 seconds and make funds immediately available in the recipient’s account.

Igor Szpirin stressed that “these solutions only have a chance at widespread adoption if they offer a payment experience that is at least as fast and simple as today’s contactless card payments.” He added:

“NFC technology is not strictly necessary for instant payments, but it can greatly enhance their success.”

His presentation highlighted that while QR code payments are already widely recognized, NFC offers clear advantages from a user experience perspective. With QR codes, the payment process typically requires multiple steps: launching an app, scanning the code, and confirming the payment. In contrast, NFC simplifies the process significantly – transactions can be completed with just a single tap.

Opportunities and Challenges of NFC in Instant Payments

Igor Szpirin presented two approaches to NFC-based payments: mobile-based HCE and POS-based HCE.

Mobile-based HCE offers compatibility with all existing POS terminals, but the process is often more complex, especially if users must manually select their payment method. On iOS devices, additional challenges arise due to the lack of full NFC support for third-party apps.

In contrast, POS-based HCE provides a simpler, more transparent user experience. The cashier simply asks the customer for their preferred payment method, and the POS terminal sends transaction data directly to the customer’s phone, automatically launching the payment app. This method is not only more user-friendly but also empowers cashiers to actively promote the instant payment option, accelerating adoption.

Igor Szpirin shared practical examples illustrating the pros and cons of both NFC-based solutions. In Slovenia, for instance, the Flikk system relied on mobile-based HCE. Although technically successful, its complexity and subpar user experience led to low adoption rates.

The POS-based solution also supports both card and instant payments in parallel, without requiring users to change any settings. This dual compatibility simplifies international transactions as well, fostering broader adoption in the long run.

The Future Path: Standardized and Simple

Transaction Systems’ proposed POS-side HCE technology not only improves user experience but also simplifies implementation for developers. Using a standard URL-based data transfer method (DeepLink), it is easily integrable on both Android and iOS platforms. It also enables the electronic delivery of payment receipts, supporting a paperless approach.

Igor Szpirin’s presentation made it clear that the future of payment technology lies in digital convergence driven by NFC and other innovations. As consumers increasingly demand speed, simplicity, and security, NFC-based instant payment solutions are positioned to become key players in the next generation of digital transactions.

Read the article in Hungarian here

This is how digital banking becomes intelligent – ​​omnichannel platform for a unified customer experience

What does it take to deliver a truly intelligent digital banking experience?

In this FinTechZone roundtable interview, our CEO for Central, South, and East Europe, Panos Chalkias, shares insights on how omnichannel platforms are shaping the future of seamless and unified customer journeys in banking.

  1. What does the term “Intelligent Bank” mean to you?

An Intelligent Bank is one that delivers a seamless, proactive, and personalized experience across every touchpoint — whether that’s a branch, ATM, mobile app, or online platform. It’s a bank that operates on an integrated, omnichannel infrastructure where all channels work in harmony to serve the customer in real time. At Transaction Systems, we believe that an intelligent bank is powered by a software platform that unifies self-service, branch, internet, and mobile banking — such as Auriga’s web-based omnichannel solution. This kind of intelligent foundation enables banks to become more customer-centric, data-driven, and operationally efficient.

  1. In your opinion, what makes a digital bank truly “intelligent”?

A digital bank becomes truly intelligent when it achieves full integration across all delivery channels and uses data from every interaction to continuously optimize service. It’s not enough to offer digital tools — they must be orchestrated through a central platform that allows customers to move seamlessly between channels without losing context or continuity. This is where the omnichannel solution comes in: it provides the web-based architecture that enables real-time, coordinated engagement across self-service kiosks, mobile apps, online portals, and branches. Intelligence in banking is about unification, responsiveness, and delivering a world-class experience at every point of contact.

  1. What are, in your view, the key obstacles that prevent a digital bank from becoming intelligent?

One of the biggest challenges is the fragmentation of systems and services. Many banks have built digital capabilities in silos, leading to disconnected experiences and inefficiencies. Legacy infrastructure, lack of integration, and the absence of a central orchestration platform make it difficult to deliver a truly intelligent, omnichannel service. Without a unified software layer —banks struggle to collect and act on data in real time, maintain continuity across channels, or personalize the customer journey effectively. Another obstacle is underestimating the strategic value of self-service banking as part of the overall customer engagement model.

  1. Where do you think the Hungarian banking sector currently stands on the journey toward becoming intelligent?

Hungarian banks have made considerable progress in digitizing services and embracing mobile and online platforms. But the leap from multichannel to intelligent omnichannel banking is still underway. Many institutions are exploring ways to unify their service models, but full integration, where all customer touchpoints operate through a central, intelligent platform, is not yet widespread. With the adoption of platforms like Auriga’s, which offer a modular and future-ready EB-based architecture, the Hungarian sector can accelerate its journey toward intelligent banking and set a new benchmark for customer experience and operational efficiency in the region.

➡️ Read the interview in Hungarian here.