An analogue of Apple Pay and Google Pay for Mir cards to appear in Russia

19.10.2022 | 13:14 Home / News / Fintech /
#Mir #smartphone #payments
Russia is introducing an analogue of Apple Pay and Google Pay for Mir cards. On October 25, the new method will become available for integration to banks, Izvestia reports.

A QR code will be generated on the client’s smartphone, which will need to be presented for reading by a scanner at the point of sale. Owners of Apple smartphones will also be able to use the new Mir card service - this will allow them to pay for purchases again without the help of “plastic”.

“The QR code in this case will act as another form factor of the card and will allow paying for goods and services without presenting a bank card, only using a smartphone. The Mir card holder will be able to generate a QR code on his/her mobile device and present it for reading by a scanner at a trade and service center,” the Mir payment system explained.

Russian Post Bank, which plans to introduce this payment system among the first, said that unlike payment via Fast Payment System (FPS), where a customer scans a QR code at the store’s checkout using a phone, here, on the contrary, a store employee scans a QR code that is generated in the customer’s mobile banking application. Payment in this way is faster than when the client needs to scan the QR code himself/herself and confirm the transaction in the bank’s mobile application. It is an important factor for retail chains where people must be served quickly.

Nevertheless, it is noted that for the widespread introduction of this technology, both banks and stores will need to refine their information systems, which will require time and financial resources.

Georgy Nikonov, CEO of the Vepay payment service, believes that the demand for the service will depend on the motivation of the bank’s client. In particular, most people receive cashback using the usual contactless payment method. “Regarding the convenience of the method itself and the ability to pay for goods and services again without using a card, this will definitely be accepted by all participants, since there are practically no alternatives to it,” the expert noted.

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