Users of Russian online payments giant Yandex Money will now be able to make contactless payments on their phones. Or Android users will, at least. The firm is using near field communications (NFC) to let customers tap and pay on the metro, supermarkets and other public places. MasterCard is powering the service.
When Yandex.Money customers update their apps they are issued a virtual MasterCard, which then reflects the balance of their Yandex.Money e-wallet. NFC MasterCard payments are now accepted by around 4m merchants in 74 countries and in Russia the number is up 138% in the last year. That uptick reflects the growing popularity of contactless payments in Europe as consumers opt for the speedier option. Yandex.Money is reportedly used by 25m users.
The move comes as momentum continues to grow around mobile payments in Europe with the entrance of Apple Pay last year and Samsung Pay imminent expected to drive the use of mobile phones as a way to pay in store. While battery issues and security, plus limited acceptance in the case of Apple Pay, mean it’s still early days, contactless card use continues to boom.
Amazon have recently launched their new in-store innovation service, Amazon Go.
Google's Android Pay is getting into the festive spirit in the UK by introducing some Christmas rewards on its payment app. It also announces better interaction with Transport for London and Uber.
Mastercard partners with Apple on Apple Pay’s Spain launch and rolls out selfie payments in Latin America
The American tech giant has launched its mobile payment service, Apple Pay, in Spain, partnering with Mastercard, Carrefour and American Express.
Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.