300 shops in Bulgaria already accept mobile payments

Gentlemen, please, explain what mobile payments are?

Svetoslav Moldovanski: Mobile payments are a form of electronic payments like those with bank cards for example. They skip the exchange of money in the form of banknotes and coins. The only difference is that payments are made using a smartphone equipped with the appropriate technology - NFC.

Krassen Hinkov: The NFC technology is rapidly gaining strength today thanks to the efforts of the giants in the technology industry and mobile operators, and other participants in the ecosystem. It actually enables the secure exchange of information over short distances. Thanks to it two devices can communicate in a language of high technological wealth, opening a wide horizon of opportunities. In a combination with the functionality of the "smart phones", the NFC will revolutionize almost all operations that we perform today – from the access to information to the billing.

What measures are taken to the security of mobile payments?

Svetoslav Moldovanski: Customers usually show reticence to new technologies. Remember that a few years ago nobody wanted to think about payments on the Internet. Today we do it on daily basis without even a thought. This will happen with the mobile payments too. The technology is extremely complex but in its core the first and foremost requirement is the safety of each payment guaranteed by impenetrable security systems.

What is the price of the smart phones with NFC technology?

Krassen Hinkov: Currently the mobile phones that can use NFC technology is very small but the big companies such as Apple, Google, RIM, Samsung, Nokia plan to launch on the market several models with NFC. The estimates for sales of NFC phones by the end of 2011 are for tens of millions pieces. It is a fact that the popularity of these devices is growing. The global manufacturers will offer more models with similar functionality in the future. Presently, the Mobiltel portfolio includes two models with NFC capabilities - Nokia C7 and Nexus S. We shall continue to offer the most innovative products of leading brands.

How much shall cost to consumer the service of mobile payments system?

Svetoslav Moldovanski: The fees for using the new technology will not be different from those of contactless credit and debit cards.

We learned that a project is planned together with the public transport, could you please give more details?

Svetoslav Moldovanski: In principle, any kind of projects are possible but it's all about planning in advance, precise testing and good partnership. As a pioneer in introducing new technologies in Bulgaria you can expect pleasant surprises from First Investment Bank.

How many outlets presently are ready to work with the new technology?

Svetoslav Moldovanski: Currently, the outlets where contactless payments are possible are almost 300 and by the end of the year there number shall be at least 1000. Almost every one of us in our wallet holds several bank cards. We shall be able to insert them in our mobile phones and in order to pay with them we just have to draw them close enough to the terminal in the outlet that accepts contactless payments, and to approve the transaction.

In addition, the customers who subscribe to the service shall be able to use it anywhere in the world, where PayPass contactless payments are accepted.