How much do you really know about payments? Take the quiz in order to find out. Whether you're a pro or a newbie in payments, we guarantee that you'll learn something new.
Paying with cash instead of card is mentally harder.
When you can physically see the cash given away, it makes the spending a lot more real. Paying by card or mobile is fast and simple – and you don’t even feel like “losing” your money.
Black Friday is not that big in the Nordics.
This American phenomenon took a couple of years to find its place in Northern Europe, but it definitely has settled now – especially for online and specific retail areas. For example, we at Bambora see that the number of transactions for our online furniture merchants increases by a whopping 91 percent compared to the average week, followed by clothing retailers with an increase of 84 percent.
Apple Pay & Google Pay are the most popular mobile wallets.
Possibly in some countries, but in the U.S. the leading option for mobile payments is surprisingly Starbucks’s mobile payment application. 40% of the 55 million Americans, who made an in-store mobile payment purchase in 2018, used the café giant’s payment application. Now other companies are following the trend and are launching their own versions.
Smooth payments enable subscription services.
It does not just enable it, it is crucial. As the popularity of subscription services grows, the companies with such business model have to tackle the unintentional churns. A way to prevent them is to choose a payment partner that notifies when customers’ payment is declined. They can then contact the customer about a card update or an alternative payment method.
Contactless payments are risk of security.
Some people believe scammers can copy your credit card details just by walking on the street. However, contactless payments are more complex than that. The technology behind contactless payments is called NFC, where the reader recognizes a secured serial number that is only valid during one specific payment. This way scammers cannot copy your card details.
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- Paying with cash instead of card is mentally harder.
- Black Friday is not that big in the Nordics.
- Apple Pay & Google Pay are the most popular mobile wallets.
- Smooth payments enable subscription services.
- Contactless payments are risk of security.
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