When in the Czech Republic will we enter only a mobile phone number when sending money?

The Aktuálně.cz server came up with interesting information a few days ago that a number of Czech banks, as well as the Czech Banking Association (CBA) and the CNB, expect that we could soon see further simplification when sending money using mobile phones. It could complement the current options just enter the recipient’s phone number. The principle takes into account that in the time of advanced banking identities, the account holder has recorded a mobile number in the system, which would be easy to use. Because it is, of course, much easier to remember than the account number.

Česká spořitelna, Air Bank and Komerční banka anticipate that they could switch to this method of payment sometime in 2022. Other Czech banks could join quickly. But because it will be a novelty that also has its security risks (virtual theft of numbers, their recirculation, etc.), at least initially, sending money when entering a phone number should be capped at some low amounts. For example, for a quick settlement with friends after dinner or a small purchase, this will be enough. Once the sender enters the recipient’s number, on his side confirmation via the display will suffice and the bank server will finally link the payment to a specific account.

How do you handle similar small payments now?

Source: Aktuálně.cz