Zoin

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ZOIN
Basic data

developer PSA Payment Services Austria
Publishing year 2017
operating system iOS version 9
or higher Android version 5 or higher
category Mobile Payments
License Proprietary
German speaking Yes
www.zoin.at

Zoin ( spelling : ZOIN ) is an app from Austrian banks . Zoin is used on the smartphone for "cell phone to cell phone transfers" via telephone contacts. Account numbers or IBAN are not required for this.

History and naming

history

The Zoin app was developed by the Austrian banking service provider PSA Payment Services Austria. In August and September 2017, Raiffeisen Bankengruppe, Bank Austria, Bawag PSK, Oberbank, BKS Bank, BTV Bank, Hypo Banken and Volksbanken started with the support.

The name Zoin

The name of the app Zoin was borrowed from the Eastern Austrian dialect . In German written language, zoin means "pay". In Austria (and Bavaria) this word is pronounced as "zeun".

functionality

The Zoin

Zoin is a service in the area of ​​person to person payment (P2P), i.e. between private individuals. The money transfers are triggered via the smartphone. In the background there is always the payment from the sender's ATM card to the recipient's ATM card. No IBAN code is required for the transactions, the transfer is assigned via the telephone number. Zoin is an instant payment service . This means that the money is immediately (in real time) debited from the sender's bank account and credited to the recipient's bank account.

Functions

Each Zoin participant can use their mobile phone to:

  • Send money to a contact or a desired cell phone number
  • Receive money from a contact or a desired phone number
  • Request money from a contact or a desired phone number
  • Messages (including images) can also be exchanged as part of a transaction.

The Zoin transactions count in the POS terminal limit of the ATM card. The transactions are authorized with a four-digit pin, but this is not the card pin, but is assigned by the participant himself when registering for Zoin for the first time.

Transfers are generally limited to EUR 400.00 per day and EUR 1,000.00 per week. Individual amounts up to EUR 25.00 can also be sent without a PIN. As soon as a total amount of EUR 125.00 is reached, the PIN must be entered. In addition, limits agreed with the bank may apply.

requirements

To use the app you need:

  • an active ATM card that supports Zoin
  • a smartphone with the Android operating system from version 5 or iOS from version 9
  • a wallet from the account-holding bank that supports Zoin.

Participating banks

As of October 2018, the following Austrian banks are offering the Zoin app in their bank wallets:

International comparison

According to a press release at the presentation of the app, Payment Services Austria is of the opinion that this system is a pioneer in Central Europe. A similar payment model is currently only available in Sweden.

Web links

Individual evidence

  1. ↑ Money via app to cell phone contacts. Der Standard, July 26, 2017, accessed October 7, 2018 .
  2. ↑ ZOIN: send money via smartphone. Trend Das Wirtschaftsmagazin, September 20, 2017, accessed on October 7, 2018 .
  3. ↑ a b New app: Banks offer transfers in seconds. Futurezone (by Kurier Tageszeitung), September 20, 2017, accessed on October 7, 2018 .
  4. ↑ a b What is ZOIN? ZOIN by Payment Services Austria, September 20, 2017, accessed on October 7, 2018 .
  5. ↑ ZOIN: The PIN. ZOIN by Payment Services Austria, September 20, 2017, accessed on October 7, 2018 .
  6. ↑ ZOIN: Limits. ZOIN by Payment Services Austria, September 20, 2017, accessed on October 7, 2018 .
  7. ↑ ZOIN: requirements. ZOIN by Payment Services Austria, September 20, 2017, accessed on October 7, 2018 .
  8. ↑ ZOIN: Participating Austrian banks. ZOIN by Payment Services Austria, September 20, 2017, accessed on October 7, 2018 .
  9. ↑ "Zoin" New feature for money transfer via smartphone. ORF Österreichischer Rundfunk, September 20, 2017, accessed on October 6, 2018 .