Tieto, a Finland-based IT services firm, has launched a new payment solution that will allow Russian Standard Bank customers to use their Samsung Pay wallet at MasterCard contactless POS terminal.
The new offering will support both NFC (near field communications) and MST (magnetic secure transmission) technologies.
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The transaction will be secured through Samsung KNOX – a built-in system for smartphones that will protect against malicious attacks and continuously monitor possible vulnerabilities.
Tieto head of retail payments and cards Maris Ozolins said: “The use of mobile channels, including mobile banking and mobile payment services, is steadily growing among consumers. In various markets including the Russian market, it is evident that banks are a preferable provider of mobile wallet solutions.
“Samsung Pay offers great opportunities for banks to participate in mobile payment processes more actively. By using this solution banks can stimulate and strengthen the loyalty of their clients by adding additional touch points with the end customer, as well as gaining new sources of revenue.”
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By GlobalData
