Payment solutions provider, Ingenico, is partnering with Russian retail chain, Sedmoy Continent, to enable contactless payments to be processed in stores (view press release). By utilising Ingenico terminals the retail chain will now be able to accept Visa payWave cards. The scheme was implemented in partnership with VTB Bank, with technical support, including payment system certification, integration of the ECR solution and testing of MultiCarta, a processing company within the VTB Group.
Sedmoy Continent hopes that by September all its stores will be able to accept VISA payWave contactless payments. Customers who use the service present a card to the cashier and for a sum of less than EUR25, the transactions do not require any authentication such as a signature or PIN code entry.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more