Russian mobile operator MTS has joined forces with MTS Bank and Mastercard to introduce a virtual credit card dubbed MTS Credit Online in Russia.
With the new card, which is said to be the first of its type in the country, users can make purchases online. They can also use the card to make payments in retail outlets through smartphones.
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The card can by availed by customers having pre-approved personal credit limit from MTS Bank.
To activate the card, users need to confirm their credit terms after choosing a banner in the app or website.
“Another advantage of MTS Credit Online card is no a fee for a card issuance, cash withdrawal or pop-up via a smartphone at any ATM with NFC function, money transfer in MTS Money app or personal account through dedicated website as well as the My Wallet account and top-up a mobile phone account from the card in MTS Money Wallet and My MTS app,” MTS said in a blog post.
In order to address security concerns, the card uses Mastercard’s tokenisation technology that replaces card details with a special code during transactions.
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By GlobalData“Virtual credit card is a convenient solution for quick and short-term loans,” MTS said.
