9. August 2018
LHV Pank has created a new option for making low value payments – from now on private clients can make European payments valued under 30 euros to the recipient’s account more conveniently without entering PIN2 upon confirmation.
Making low value payments more convenient is the next step in improving the client experience, enabled by the European Union payment directive. “Until now, filling in the payment information has been very convenient in our mobile app, but the client still has to spend time on confirming the payment. This is going to change,” said Erki Kilu, Chairman of the Management Board of LHV Pank. “This development is mainly targeting private clients who make payments often and want to make the payment of smaller sums as simple as possible,” added Kilu.
The new option is more convenient than before, also enabling one to make multiple smaller payments in a row quickly. While low value payments can be made without the so-called strong authentication, the low value payments are still secure. Strong authentication means confirming the payment order in LHV’s Internet or mobile app with PIN2 (Mobile-ID, ID Card, SmartID) or a PIN calculator. PIN2 is to be entered after five low value payments. The client must also authenticate themselves when logging in to the internet bank or using their mobile device.
In order to use the low value payment option, the private client must activate them under the settings in LHV’s internet bank. In the mobile app, a choice of whether to allow simplified low value payments should be made on the homepage. The settings for low value payments made in one banking channel will also affect the payments made in the other channel. The functionality cannot be used by people aged 18 and under.All news