Cistran Finance Exploring the Spirit of Capitalism's New Frontier

Sunday, February 25, 2018

RSB partners with Samsung, MasterCard to launch mobile payments service

Russian Standard Bank, Samsung Electronics and MasterCard recently launched a mobile service that enables customers to make payments on some flagship NFC-enabled Samsung devices.

"Samsung strives to create products and solutions that make people's lives more convenient and simpler every day," Konstantin Tarachev, the head of the NFC Department at Samsung's Russia and CIS division, said. "Our cooperation with Russian Standard Bank and MasterCard shows how our joint efforts to innovate enable us to reach the goal these goals. The contactless payment service is now available for Samsung smartphone users wherever and whenever they need it."

The service, available through Russian Standard Bank's mobile banking app, allows users of Samsung GALAXY S4 and Samsung GALAXY Note 3 to upload MasterCard prepaid contactless NFC cards issued by the bank into their smartphones. The smartphones can then be used to pay for goods and services using MasterCard's Tap & Go PayPass technology.

The application is supported by LTE-enabled smartphones--GT-I9505 and SM-N9005 models. It will also be supported by 3G models, including GT-I9500 and SM-N9000, following a system update slated to for later this month. Over-the-air download and management of Mobile MasterCard PayPass cards in NFC chips of Samsung smartphones is provided through the TSM platform of TREVICA, a MasterCard subsidiary.

"All over the world, MasterCard actively contributes to the advancement of innovation as well as the development of payment technologies and services associated with NFC technology", Dmitry Tartyshev, the MasterCard business leader for mobile business development in Russia, said. "Russia is one of the priority markets for MasterCard, and we are pleased to offer state-of-the-art technology and solutions to Russian consumers. In partnership with Samsung, we launched a similar solution in Australia in 2013. We are excited that the second project of this kind is being implemented in Russia, in partnership with our longstanding partner, Russian Standard Bank."

The bank said the project marks a new stage in the development of the Russian cashless payments market.

"From now on, owners of Samsung smartphones supporting the NFC technology can use their bank cards on an absolutely new level, without being tied to plastic, the Internet, or even needing to unlock the phone when paying," Ivan Glazachev, the acquiring department director for Russian Standard Bank, said. "We are excited that Russian Standard Bank is first on the market to implement this advanced technology together with Samsung and MasterCard and offer such service to Russian consumers."