Credit Bank of Moscow, ALIOTH and Mastercard Introduce the First PayRing for Mastercard Cardholders in Russia
CREDIT BANK OF MOSCOW, Mastercard and ALIOTH have reported the issue of the first one-touch payment rings on the Russian market. To pay for a purchase, one only has to tap the ring against the terminal that supports Mastercard Contactless. Whether in a shop, in the metro, in a cinema or somewhere else, it is accepted by more than 7 million retail outlets in over 107 countries, including Russia.
PayRing by CREDIT BANK OF MOSCOW is 100 % local product. The technology was engineered by PayRing and is based on the SCOne card operating system by ALIOTH. The ring is made from shock-resistant waterproof ceramics and is produced in assorted designs and colors (black, white, blue, green, red, pink, and combined colors). Optionally, the ring may be inlaid with gem stones.
Paying with the ring is easy, convenient, and safe. Purchases to a value over RUB 1000 require a PIN. In case of loss, one should contact the bank to block the ring, however the cardholder may continue to use their bank card. In the first quarter of 2018, the advantages of the new accessory will be available for Individual Banking customers of CREDIT BANK OF MOSCOW. Afterwards, the payment rings will be offered to a wider range of the bank’s clients.
“We are excited to be one of the pioneers in the development of the payments industry and offer a new format of payment tools to the market in cooperation with our partners. Thanks to their characteristics, the rings may become unexpendable for athletes and active lifestyle enthusiasts”, – comments Alexey Kosyakov, Deputy Chairman of the Management Board, CREDIT BANK OF MOSCOW.
“All over the world, Mastercard offers products that make an extensive range of day-to-day tasks easier to handle. We want every person to be able to make quick and safe payments in whatever way they like: using a card, a smartphone, a bracelet or a piece of jewellery”, – comments Mikhail Fedoseyev, Director for Business Development and Digital Payments at Mastercard Russia. “This year Mastercard celebrates its 20th anniversary in Russia, and we are happy to provide new opportunities and benefits for Mastercard cardholders together with our partners.”
Mastercard (www.mastercard.com) is a technology company specialising in global payments. Mastercard products and solutions enable people to deal with their everyday tasks, such as shopping, travelling, running a business and finance management, in a simpler, safer and more efficient way. In 2017, Mastercard celebrates its 20th anniversary in Russia.
Mastercard Contactless is an innovative tap-and-go payment technology which provides a quick, safe and convenient method of payment when making everyday purchases of goods and services. Contactless payments do not require giving a card or a different device (a smartphone, a sticker, a watch, etc.) to a check-out clerk, but a tap on a contactless payment terminal is enough. Purchases to a value below RUB 1000 do not require a PIN or a signature.
PayRing (www.payring.ru) is a Russian developer and a holder of patent for the production of payment rings. PayRing is the worldвЂ™s first company to create a valid payment technology using payment rings.
ALIOTH (www.alth.ru) is Russia’s leading manufacturer of Mastercard, Visa, UnionPay, JCB, and MIR payment cards, and the developer of the SCOne card operating system, which is a certified solution for payment cards, and a universal platform for the development of non-financial services. Since their first issue in 2013, SCOne-based cased products have achieved a strong position in the Russian market. Today, they are used by more than 100 local banks; the total volume of issue exceeds 35 million cards.
CREDIT BANK OF MOSCOW (http://mkb.ru/) is an all-purpose commercial private bank that provides a full scope of banking services to corporate and private clients, as well as financial institutions. The bank is on the list of systemically important credit institutions approved by the Central Bank of Russia.