10 October 2019
At FINOPOLIS 2019, MasterCard and the Russian company Cardsmobile announced the launch of the Wallet Pay service. It supports a simple, convenient and safe smartphone one-touch pay in Russia and globally. To use the service, install the Wallet application and activate your MasterCard.
Wallet Pay is already available for Alfa-Bank and MTS Bank MasterCard holders. Soon, VTB Bank, Otkritie Bank, Rosselkhozbank, Megafon Bank will join the service.
Wallet Pay allows issuing banks to transfer existing cards to smartphones and smart mobile devices that support contactless payment technology such as key rings, fashion jewellery with microchips and other gadgets.
The associated banks also can digitally issue payment cards. Further, their customers will be able to issue new mobile MasterCard cards through the Wallet app directly.
Dmitry Tartishev, Business Development Director of MasterCard in Russia: “MasterCard is consistently and persistently developing contactless mobile technologies around the world. Our strategic partner in Russia is Cardsmobile Company. It also participates in the MasterCard’s Start Path international program aimed at supporting start-ups developing innovative technological solutions. The long-awaited launch of Wallet Pay is the result of a long-term partnership with Cardsmobile. Wallet Pay is a universal solution for mobile contactless payments based on our MDES tokenization platform. It enables the service to work on any Android device with NFC support, and in the case of wearable devices, on any operating system. We are pleased to introduce a convenient and secure payment service that will allow even more people to pay for purchases with mobile devices.”
Kirill Gorynya, CEO of Cardsmobile:“Our mission is to replace the physical wallet for today’s customer completely. Users have already added over 140 million discount cards to their Wallet. With the launch of Wallet Pay, this figure will skyrocket with bank cards transferred to smartphones. The service is to allow issuing banks to efficiently and cost-effectively launch mobile card products, including co-branded cards, and promote them not only among their customers but also with more than the 7 millionth application’s users.”
Pay Wallet is based on its universal tokenization platform, which is certified by MasterCard and connected to the MasterCard Digital Enablement Service (MDES).
The service is supported on Android smartphones version 5.0, and higher with NFC and HCE technologies and will soon become available on wearable Android and iOS devices.