Izvestia news publication today, October 18, officially announced that Russian banks will be able to connect the cards of the national payment system Mir to the Google Pay service very soon – October 26. Most large banks have already announced that they are planning to integrate the function in the very near future – among them MKB, VTB, PSB, Dom.rf, Renaissance Credit, Home Credit and Post Bank. However, it is still not worth expecting the appearance of this opportunity at least in October, since at the end of this month the banks only got the opportunity to work on the integration of the function on their side.
VTB representatives said that each bank will independently set the terms for connecting the technology for its customers, but now it is too early to predict the implementation of the connection of World cards to Google Pay. For example, MKB officially announced that work is already underway to debug this function, which they plan to provide to the bank’s customers by the end of 2021, while Renaissance Credit is talking about the launch of the technology in 2022. Actually, a similar situation was with the implementation of the functionality of connecting Mir cards to Apple Pay – the opportunity became available to Russian banks in April 2021, but only at the end of July the function appeared for clients of eight large banks in the country.
Based on past experience, we can expect that large banks will be able to implement the technology in about three months from the date of “release”, smaller organizations will need a little more time. But, in any case, banks assess the connection of Mir cards to the Google payment system very positively – VTB said that this opportunity will increase the demand for digital Mir cards, as well as increase the number of contactless payments among the population. The bank even said that the volume of growth in payments using contactless technology should increase by at least 10% – an impressive figure.
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