Tinkoff Bank will launch its own alternative to Google Pay

Tinkoff Bank has launched its own service for paying for purchases using a smartphone Tinkoff Pay, which is similar in functionality to Samsung Pay, Apple Pay and Google Pay and with embedded services and ecosystems of the bank. This was reported to RBC by the vice-president of the bank and the head of Tinkoff Cashier Sergey Khromov.

According to him, various elements of Tinkoff Pay will be launched in stages during 2022-2023. At the moment, payment is available in the service in more than 30,000 online stores that have acquiring from Tinkoff Kassa. In the future, it is planned to connect cards and accounts of customers of other banks to the service.

Khromov added that Tinkoff Pay users will have to decide at the time of payment whether to pay the entire amount at once or pay in installments using the Shares BNPL service. In offline stores, Tinkoff Pay will have built-in NFC technology available on Android smartphones for cardholders of all payment systems. Among them are Visa and Mastercard that left Russia.

Since March 10, Google Pay, Apple Pay and Samsung Pay have stopped working in Russia with Visa and Mastercard bank cards. Only free applications are available to users from the Russian Federation. In addition, you cannot pay for subscriptions by any other means, except from the balance of a mobile phone number.

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