Users will be able make payments in supermarkets, the metro, and other public places, simply by placing their smartphone up to a POS terminal.
To activate NFC payments, users are required to update the Yandex.Money app on their phones. A virtual MasterCard will be issued to their account automatically and its balance is the balance of the users Yandex.Money e-wallet.
NFC payments by MasterCard are currently being accepted by more than 4 million merchants in 74 countries. In Russia, that number is up by 138% in the last year. By 2015, NFC payments were available on more than 600 million smartphones globally, according to the annual report by Deloitte.
What`s more, based on Gartners research, in 2015, the number of NFC mobile payment users had reached 53.9 million worldwide. A survey by Gemalto and J’son & Partners showed that last year, in Russia, more than 60% of users between the ages of 16 and 35 reported that they would like to start using NFC payments.
Yandex.Money is one of the largest online payment service in Russia and its service hosts 25 million user accounts with about 12,000 new accounts opened daily.
Yandex.Money also offers online stores Yandex Payment Solution. The company’s Payment Solution is used for accepting online payments by all the methods most popular among residents of Russia and other CIS countries. Currently, over 76,000 online stores use Yandex Payment Solution.
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