Samsung Electronics in cooperation with Mastercard, Visa international systems and VTB Bank launched Samsung Pay money transfer system in Russia, which uses tokenization technology (technology allows replacing client’s real card number with generated unique code - Banks.am).

According to the press service of Samsung, the service has been launched in Russia for the first time and allows owners of Samsung smartphones to transfer money from any card to any card by using only mobile phone numbers.

Withdrawal/deposit transactions through Mastercard and Visa cards are implemented by VTB Bank and Multikarta processing company.

The sender of the money transfer doesn’t need to indicate the recipient’s card details. It is only required to choose relevant phone number from the contact list of given smartphone and dial it by hand. The sender can follow in real time whether the transfer was received, and if necessary cancel the operation if the recipient hasn’t yet accepted the transfer.

The main feature of the service is the fact that the recipient can accept the transfer even without having Samsung phone or subscribing to Samsung Pay. In this case the recipient needs to follow the link mentioned in the SMS-notification and dial the number of the preferred card for receiving the transfer.

The maximal sum of transfer is RUR 75,000 at a time. Samsung Pay allows transferring up to RUR 150,000 per day and up to 600,000 per month with only one card. Minimal amount for money transfer with Samsung Pay is RUR 1.

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