QR code payments gaining traction among tech-savvy young Czechs

Banking has been changing in Czechia thanks to new innovations, but consumers so far are slow to embrace the possibilities. The new techniques are popular mainly among young Czechs, while older ones prefer to manage their bank accounts in the way they have been used to.

The most popular innovation is paying for goods or services by scanning a QR code, which was used by 44 percent of Czechs, according to a survey by NMS Market Research for Raiffeisenbank. It is followed by paying by mobile phone and logging into mobile banking with a fingerprint, both of which were used by 33 percent of Czechs.

“A quarter of Czechs do not use any of the innovations such as QR code payment or mobile payment at all. Most often, these are customers between the ages of 55 and 64 and those with primary education,” Raiffeisenbank spokeswoman Tereza Kaiseršotová.

“But even these groups give these technologies a chance. Adopting alternative methods is easier than it seems, in addition, it saves time and the client handles everything from the comfort of home,” she added.

Multi-currency accounts are owned by 15 percent of customers, and among those who do not have one, young adults between 18 and 24 years of age are especially attracted to setting them up, the same survey showed.

Bank specialties include a multi-currency account. This is a type of product that the customer can access clearly in their internet banking, and they can have several sub-accounts in different currencies under one account number. This type of account can facilitate foreign transactions, and the owner will immediately know in one place what funds they have in each type of currency. This type of account is used by 15 percent of Czechs.

Some 61 percent of people do not know about multi-currency accounts, but from the group of Czechs who do not use it, up to a quarter would consider keeping such an account. Most often, these are customers between the ages of 18 and 24, and more often they are those who have a university education.

The survey was conducted by the NMS Market Research agency online by interviewing a representative sample of 1,007 respondents between the ages of 18 and 65.