A Shift in Banking: Mobile Numbers Instead of Account Numbers Attracting Over 400,000 Users


The traditional banking system has seen a revolutionary change in the Czech Republic with the ability to transact money via a mobile number instead of an account number. This innovative service launched a month ago in mid-November, has already gained massive traction, with 412,000 individuals registering their numbers in the Czech National Bank’s registry, a prerequisite to using this service.

The service allows anyone who wants to receive money to register their mobile number this way. Six banks, including Air Bank, Ceska spritely, CSOB, Fio banka, Komercni banks, and Raiffeisenbank, are currently part of this system, with Moneta Money Bank and UniCredit Bank set to join after the New Year.

While both Czech and Slovak phone numbers can be registered, the usage of Slovak numbers is expected to be minimal. For instance, only 325 Slovak numbers have been reported with CSOB, and Ceska has only a few dozen.

The service has been primarily well-received by users. At Raiffeisenbank, 60,000 people have registered for the service, with 15,000 successful payments sent in the first month, according to their expert, Michal Bosina. Air Bank has seen 110,000 people activate the service, with daily transactions reaching up to 4,000 in the initial days.

This innovative system not only brings convenience but also ensures the security of transactions. The registry is non-public, preventing misuse. Moreover, when sending money, the sender can see the name of the person registered with the phone number, enabling them to confirm the accuracy of the number before proceeding with the transaction. The payment is expected to arrive instantly, making the process efficient and reliable.