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Thursday, June 21, 2018

Raiffeisenbank teams with MasterCard for PayPass promotion

Raiffeisenbank recently teamed with MasterCard for its new "MasterCard PayPass: $91.76 per one-touch" program.

Debit and credit card customers will be eligible to receive a $91.76 gift when making purchases with one-touch technology on their mobile phones. The campaign runs through the end of the year.

PayPass technology allows customers to quickly and easily pay for transactions in shops, restaurants and gas stations. Alexey Kaputsin, the head of retail products and the development of client relationships at Raiffeisenbank, said that the bank has seen an almost four-fold increase in the number of transactions using PayPass technology. According to Kaputsin, this is part of the reason the bank chose to partner with MasterCard in this promotion.

Anton Shigapov, the senior business development manager at MasterCard in Russia, added that the MasterCard PayPass acceptance network has been actively spreading through the country. In Moscow, people are using the technology to make purchases in shops, dry cleaners, pharmacies, movie theaters, fast food restaurants, coffee shops, railway stations, parking meters and more.

Shigapov also said that the technology allows for international payments as the same card can be used in 56 countries and on 1.2 million trading platforms.

Raiffeisenbank is a subsidiary of Raiffeisen Bank International and ranks 12th in terms of assets. It ranks fifth in Russia in terms of private individuals and 10th in terms of loans to individuals.