Experts assess possibilities of Russian new payment solutions

04.05.2022 | 11:46 Home / News / Fintech /
#SBPay #Apple Pay #Egor Krivosheya
Russian banks have a lot to do to make payments with devices convenient again since Apple Pay and Google Pay - the popular payment services - suspended their work in Russia due to sanctions.

At the same time, experts interviewed by RIA Novosti noted that it will be easier to introduce new services on the Android platform than on iOS.

Despite the existence of an alternative to Western analogues in the Russian market - Mir Pay for Mir payment system cards and SBPay, implemented by the Bank of Russia - experts note that SBPay, for example, cannot yet be considered a 100% replacement to Apple Pay and Google Pay, Prime agency reports.

Egor Krivosheya, Head of Research at the SKOLKOVO-NES Center for Research in Financial Technologies and Digital Economy, explains that SBPay is based on scanning a QR code that contains the details of the recipient bank, while Apple Pay and Google Pay work through NFC technology, which allows keeping the device next to the terminal.

“The bank’s mobile app is being used in many SBPay payment scenarios. In the absence of the ability to download the application on Apple devices due to their removal from the App Store, customers may experience difficulties in using SBPay. On the Android system, the situation is simpler due to the openness of the system. Thanks to the same openness, the use of NFC technology is also possible. Therefore, it may be more difficult to fully restore the familiar payment channels on Apple devices,” the expert added.



Due to the closed system of Apple devices, payment services here may not be available as long as they are tied to other functions: NFC payments, an application marketplace or other in-built internal operating system. Krivosheya notes that this will need a radically new approach, but in case of a risk of blocking an app from the App Store, this can lead to its rapid restriction.

Pavel Shust, Executive Director of the Russian Electronic Money and Remittance Association, stresses that while developing new payment solutions, it is necessary to focus on making the services compatible with the devices the customers already have. The compatibility with the infrastructure of the stores should also be taken into consideration. It must support new payment method, otherwise replacing it would be unnecessarily costly and would not outweigh the potential benefits.

Georgy Nikonov, CEO of the Vepay payment service, notes that any new convenient and secure payment method take roots in Russia perfectly. He said those market players who occupy their niche in time have excellent chances to develop.

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