Tinkoff Pay will link cards – Kommersant FM
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Tinkoff will allow cards from any Russian banks to be linked to its instant payment service. As the company explained, the Tinkoff Pay system will replace Google Pay and Apple Pay, which stopped working in the country in 2022.
A third-party bank card can be linked during the first purchase, said Tinkoff Pay product director Nikita Buklish: “This is a payment method for online stores. Many of us have previously used Apple Pay and Google Pay, and Tinkoff has developed a replacement for these payment methods. At the beginning of next year, Tinkoff Pay will be available to users of any banks.
How will it work? The client clicks the Tinkoff Pay button, then logs in via Tinkoff ID, without leaving the online store, selects a Tinkoff account or a card of any bank that is saved in Tinkoff Pay. All this in a couple of clicks in seven seconds. All cards from other banks will work – Mastercard, Visa, and MIR. You can save them in Tinkoff Pay and pay.”
Other financial organizations also have similar payment services of their own. For example, Alfa Pay and Sber Pay. They only work with cards from their own banks. And the Yandex Pay system allows you to link a card to any credit institution. A new player in this niche will have to offer clients additional bonuses, experts say.
Tinkoff, for example, promises users of its system a 30% cashback, says independent expert on the payment market Dmitry Vishnyakov: “It is impossible to say that they are introducing some new product. In essence, Tinkoff Bank offers the same thing as Pay Pal, for example, only without being tied to one brand, namely a payment system using other financial organizations.
If you imagine a store that uses this service, it can only get Tinkoff Bank clients. But in the future, if holders of other cards join Tinkoff Pay, then it will be more profitable for the store to use this particular service for its customers. The innovation will interest people, and therefore they will willingly join Tinkoff Pay. But the bank must pursue a policy to attract new customers, using some kind of marketing incentives – cashback, for example.”
Currently, the Tinkoff Pay function is available to 40 million bank clients. In addition, the service stores data from 65 million cards from third-party banks. And potentially this is a new audience for the Tinkoff service. Expanding the customer base is the main goal of large players. Connecting third-party cards is one of the effective ways to lure users to you, says Artem Genkin, CEO of the Consulting and Analytical Union:
“We are witnessing the beginning of a big battle between ecosystems for clientele. The fact is that they have already been formed, and users are more or less loyal. If such extraordinary steps are not taken, then the most numerous ecosystems will remain the main role in this market. First of all, Sber comes to mind.
Therefore, such a step on the part of the Tinkoff ecosystem allows, firstly, to correctly attract this clientele and increase their loyalty to their brand. Secondly, increase the specific profitability of your ecosystem.
They begin to generate additional profit due to the fact that they attract people who did something in it one-time, leaving their coordinates, but belong to the active clientele of other ecosystems. Now they will be invited to Tinkoff. Perhaps they will become users, including Tinkoff Pay, or will completely switch to the ecosystem of this bank.”
By the end of 2024, according to VTB forecasts, every fifth transaction in stores will be carried out using Pay services. The National Payment Card System, which is the operator of Mir cards and conducts all transactions within the country, has developed mobile applications Mir Pay, which works with Mir and SBPay cards. It does not use card data, but allows you to pay from the client’s bank account using a QR code.
Everything is clear with us – Telegram channel “Kommersant FM”.
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