Recently, several large banks in Russia have announced the release of their own payment stickers for contactless payment. Among them are Tinkoff, Sberbank, Alfa-Bank and MTS Bank. Such a sticker has a built-in NFC chip, so it can be stuck on a smartphone (or any other item) and paid at outlets where terminals are installed. Today, this is an alternative to the Apple Pay service blocked in the Russian Federation, so stickers are in demand among Russians.
In particular, the Izvestia publication writes that since the beginning of this year, Tinkoff has already issued 60 thousand Tinkoff Pay payment stickers, with the help of which more than half a million transactions have already been completed. The number of applications currently exceeded 150,000, and by the end of March, the bank plans to issue more than 500,000 stickers. In addition, due to increased demand, Tinkoff allocated additional production capacities to increase their production. The bank expects that by the summer the number of customers paying for purchases using Tinkoff Pay will exceed 1 million people. Other banks are currently testing similar tools. Such a sticker will cost Russians an average of about 700 rubles, when paying with it, cashback will be credited, just like with a regular card.
Payment stickers are most in demand among iPhone owners who have lost the possibility of contactless payment using Apple Pay. Stickers bring this feature back to Apple smartphones. Experts note that payments using stickers are quite convenient and take less time than other payment methods. However, it is worth remembering the security and risks that may be in the case of contactless payment. For example, if a sticker is lost, anyone can pay with it for the amount that is allowed to be debited without a PIN code. Tinkoff said that the security of the sticker is the same as that of a regular plastic card. In the mobile application, bank customers can change the PIN code for it, set limits and payment restrictions, and in case of loss, the sticker can be blocked.
Today, other contactless payment methods can be used in Russia, including QR codes.
Source: Trash Box
I’m Meagan Diaz, a news writer and author at World Stock Market. My main focus is on technology and stock market trends, and I’m passionate about helping readers stay informed on the ever-changing landscape. I bring extensive knowledge of the industry to my work as well as a knack for storytelling that makes my articles both accessible and engaging.
