Tochka amongst the first Russian banks to launch Samsung Pay with support from Compass Plus
Tochka, a Russia-based bank for entrepreneurs and part of the Otkritie financial group, has launched Samsung Pay with support from Compass Plus.
By making Samsung Pay available, Tochka aimed not only to offer its customers the ability to pay for goods and services using their Samsung device, but to also be amongst the first to introduce NFC-based contactless payments to the Russian market. Building on its concept of a high-tech bank, Tochka embarked on a process of payment digitalisation to keep pace with the ongoing global trend of mobile payments. As part of the joint project with Tochka, Compass Plus made improvements to TranzWare Online – MDES was implemented and the protocol used for integration with the sponsor bank’s processing centre was also enhanced.
Tochka customers can now subscribe their Mastercard payment card to Samsung Pay and use their devices to pay for goods and services in store and online. Both the EMV standard and MDES platform (MasterCard Digital Enablement Service) ensure payments are secure – each payment is confirmed using Touch ID fingerprint recognition and password, as well as tokenisation via MDES.
The cooperation between the Russian bank and Samsung Pay will help reduce the cost of issuing contactless cards and provide a convenient service which is appealing to the end-user. Tochka is hoping that all customers who are able to make payments using their Samsung device will pay for goods and services using their new, modern payment method. This is expected to increase the number of transactions and the portion of non-cash payments.
Boris Dyakonov, Senior Vice President and Managing Director at Tochka Bank for Entrepreneurs, said: “Tochka has no branches and our customers are used to solving most of their business problems using their mobile phone. Now, by using Samsung Pay, small businesses can quickly and safely pay their business expenses in one click. We are pleased to offer them this opportunity.”