Home Economy Experts evaluated the implementation of Union Pay payment by smartphones by banks

Experts evaluated the implementation of Union Pay payment by smartphones by banks

Russian banks are introducing payment with Union Pay cards via a smartphone. Post Bank and MTS Bank are working on this, their representatives told Izvestia on Friday, July 29.

It is possible to pay by phone through the Huawei Pay application – this is an analogue of Apple Pay for Huawei and Honor devices. According to experts interviewed by Izvestia, the technology will make the cards of the Chinese payment system more competitive in Russia.

“Contactless payments through Pay-services have recently been in great demand among Russians. According to various sources, 20-30% of all non-cash payments in the country were made using a smartphone. And in terms of the number of Apple Pay users, Russia ranked second after the United States. Now, with the departure of the main players Apple and Google from the market, alternative forms of payment will gain popularity,” said Ksenia Artemyeva, COO of the Fast River fintech platform.

At the same time, experts noted that Union Pay is unlikely to become the main payment instrument due to the small share of Huawei and Honor in the market. Also, within the country, the network for accepting these cards is not ubiquitous.

Customers of Gazprombank and Solidarity Bank can already pay with Union Pay cards via smartphone, they said. The latter clarified that outside the Russian Federation, the network for accepting cards of the Chinese payment system has expanded to 180 countries and regions.

According to Post Bank estimates, 90% of spending on Union Pay cards is made abroad and in foreign online stores, and the largest number of transactions are made in Italy, Turkey, the United Arab Emirates, Singapore and the Netherlands.

Read more in the exclusive Izvestia article:

“Additional phone settings: Russian banks introduce payment by smartphone from Union Pay cards”

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