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Payments General

Contactless payment services to expand in Russia

Monday 19 November 2018 | 10:43 AM CET

Russia has revealed that is about to have its first contactless ATMs that will allow for currency transactions via smartphones.

To perform the necessary operation, it will be enough to attach a smartphone to the terminal equipped with an NFC reader. Sberbank and Russian Standard Bank launched the technology in test mode. It is anticipated that they will soon be joined by VTB, Credit Bank of Moscow, Otkritie and other leading Russian banks, which are considering introducing contactless ATMs in 2019.

According to the Mastercard, since the beginning of this year contactless payments with cards or smartphones have accounted for more than half of all transactions in Russia. In its turn, the Central Bank of the Russian Federation estimates the present share of non-cash payments in Russia in general at almost 50%.

More: Link
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