Tinkoff Bank is an early adopter of the Bank of Russia Faster Payments System as it continues to build out its payment services ecosystem.
The system helps Tinkoff to accelerate building out its payment services ecosystem.
In other words, Tinkoff customers can now make and accept instant payments to and from accounts at any Russia Faster Payments System bank.
All customers need is a mobile phone number. Moreover, all P2P payments from debit cards during the launch period will be free of charge.
“As one of the first banks in Russia to introduce payments using mobile numbers, Tinkoff Bank’s participation in the Faster Payments System along with other top players will help popularise the system and meet market demand,” says Anatoly Makeshin, head of payment systems and VP of Tinkoff Bank.
“Our experience with our own ecosystem has shown that payment using mobile numbers is highly popular. And it is and a successful addition to the overall development of the payment services infrastructure.
“We are continuously working to offer quicker and easier payments to customers while maintaining our usual highest level of security.”
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The Bank of Russia introduced FPS this year to allow instant P2P payments using mobile phone numbers. Moreover, the system will be expanded to allow individuals to pay for goods and services in the second half of 2019.
12 banks and payment systems are taking part in the pilot phase. Early members include VTB, Gazprombank, Alfa Bank, Raiffeisenbank, Rosbank, Sovcombank and Qiwi. In addition, a further 98 banks have also applied to join the scheme.
Tinkoff pioneered the use of just mobile numbers for transfers among its own customers. Notably, last July, Tinkoff teamed up with Sberbank to form a P2P joint initiative. That allowed customers of both banks to make P2P transfers via mobile phone numbers.
By customer numbers, Tinkoff is the world’s largest fully online bank with around 8 million customers.
Tinkoff ranks second in Russia by market share for credit cards with just under 12%. Other Tinkoff 2018 highlights include growth in current account customer numbers to over 4 million.