A new payment solution provided by Tieto allows customers of Russian Standard Bank to use their Samsung Pay wallet when making purchases at any merchant with a MasterCard contactless POS terminal.
This new solution supports both NFC (Near Field Communications) and MST (Magnetic Secure Transmission) technologies.
Payments executed by customers of Russian Standard Bank is secured and ensured via Samsung KNOX - a built-in system for smartphones that protects against malicious attacks and continuously monitors possible vulnerabilities. The security of mobile payments is also reinforced by using a token instead of payment card details.
The use of mobile channels, including mobile banking and mobile payment services, is steadily growing among consumers. In various markets including the Russian market, it is evident that banks are a preferable provider of mobile wallet solutions. Samsung Pay offers great opportunities for banks to participate in mobile payment processes more actively. By using this solution banks can stimulate and strengthen the loyalty of their clients by adding additional touch points with the end customer, as well as gaining new sources of revenue, says Maris Ozolins, Tieto, Head of Retail Payments and Cards.