If you prefer to pay in stores by swiping the magnetic strip of your bank card through the machine, you will probably have to find a new way to pay pretty soon. One of the main producers of credit and debit cards, Mastercard, is planning to completely stop adding magnetic strips to their cards in the next 10 years. According to the company, the main reason for this is the fact that magnetic strips were added to cards as the first prototype of a faster way to pay. Now, there are the much more secure contactless payments through a microchip, which are harder to abuse or tamper with. Thus, the company views the swiping of a card as an obsoleteContinue Reading

With standard prices now hovering around 34 crowns per liter, petrol in the Czech Republic is the most expensive in years. The price of diesel has lately risen too. This rise in price is caused by elevated prices of oil on the international markets. The price of a barrel of oil now stagnates at around 75$ per barrel. Consequently, the price of fuel for combustion engines in most of the world has risen too, so we are still among the EU nations with the least expensive petrol and diesel, with only Romania and Bulgaria undercutting us in diesel prices. According to economist Štěpán Křeček, these prices should not rise any further. Nevertheless, they will definitely impact the budgets of bothContinue Reading

Revolut has opened its European bank to customers in Czechia. Czech customers who upgrade to Revolut Bank will now have their deposits protected. Prague, 28 July 2021 Revolut, the global financial platform with more than 16 million customers worldwide, has today operationalised its European specialised banking licence in Czechia. Customers in Czechia who upgrade to Revolut Bank for additional services will now have their deposits protected under the deposit guarantee scheme. Customers in Czechia are now able to upgrade to Revolut Bank for additional services from within the app. The upgrade process will only take customers a mere few minutes. To date, Revolut has attracted more than 300,000 customers in Czechia, and the fast growing fintech is confident that depositContinue Reading

The COVID-19 restrictions have put more cash into the average Czech’s savings account, and subsequently spilled into real estate, Novinky reports. According to new data from Českého statistického úřadu (Czech Statistical Office), household savings grew in 2020 by 217.1 billion crowns. The Czech National Bank can also confirm that the amount of deposits exceeded three trillion crowns, whereas in December of 2019, the bank recorded 2.72 trillion crowns of deposits. “Household consumption was very limited because of the various restrictions, including the mandatory home office and closed businesses. It was absolutely to be expected that, thanks to this stall in consumption, Czechs would increase their savings,” Petr Zámečník, an analyst at EMA data. According to a study done by theContinue Reading