Yandex.Money Brings Android Pay to Customers
May 23, 2017
Yandex.Money, the largest online payment service in Russia, brings its users a new method of contactless payments — via Android Pay. With this method, users can now pay from Yandex.Money virtual and plastic Mastercards, and companies can start accepting payments via Android Pay through Yandex.Checkout.
Android Pay enables users to pay for their purchases from smartphone bringing the device to the contactless terminal. For that, download the Android Pay application and link it to a Yandex.Money virtual or plastic card. Users also need to activate the NFC function on their mobile devices. Contactless payments can be confirmed with a fingerprint or a smartphone password, and in some cases, with the PIN code of the bank card. Payments for purchases via Android Pay can be made from Android smartphones version KitKat 4.4 and later, as well as from Android Wear 2.0 smartwatches. This works for both — offline payments and payments in mobile applications.
Thanks to Yandex.Checkout, Russia’s leading payment service provider, companies can receive payments via Android Pay in mobile applications. Online merchants will see the payment via Android Pay as a usual purchase from a bank card. Users will not have to enter any payment data — everything is already stored and securely encrypted in their phone.
Payments via Android Pay are completely safe — each operation is protected by Mastercard Digital Enhancement Service (MDES).
Russia has now become the eleventh country to introduce Android Pay— after the USA, the UK, Japan and others. In addition to Android Pay, Yandex.Money provides contactless payments via Apple Pay, Samsung Pay and using NFC or QR codes in Yandex.Money app. Contactless payments by Mastercard are currently being accepted by more than 6 million merchants in 96 countries, 50 of which are in Europe. Over the past year, the share of contactless payments made through Yandex.Money has grown by 13%. In order to pay contactless 81% of Yandex.Money users issue virtual Mastercards.
Yandex.Money is Russia’s leading online payment service, that allows its users to pay for goods and services from Yandex.Money e-wallets and bank cards, and for companies — to accept online payments via Yandex.Checkout.
According to Markswebb Rank & Report 2016 and Mediascope 2017 studies, Yandex.Money electronic wallet is the most popular e-wallet in the Russian Internet. By early 2017, the service had about 30 million user accounts, with about 15,000 new accounts opened daily. Yandex.Money offers to issue its own Mastercard bank cards. By the spring of 2017, users had issued about 600,000 plastic and 11 million virtual Mastercards.
Yandex.Checkout is a universal payment solution for businesses. The service received the Emerging Payment Award at the Merchant Payments Ecosystem conference (Berlin) in 2017. With this payment solution, merchants from all over the world can offer Russian consumers the online payment methods most popular among Russians and CIS-citizens: bank cards, e-wallets, mobile phones, and cash via mobile retailers and payment kiosks (there are over 250 thousand cash-acceptance points all over CIS). Currently, more than 76,000 online stores across the globe use Yandex.Checkout. According to the MARC 2017 and Tagline studies, Yandex.Checkout is the most popular payment solution in the country. The service processes up to 600 payments per second.
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