Dmitry Panfilov is Head of Financial Services Department of MTS
As the majority of transactions within Russia are carried out with cash, most people are shocked when they hear me say that your mobile phone can replace your wallet and that many purchase transactions will not require a pin-code or card signature.
As the leading Russian telecom network, MTS seeks to offer clients cutting edge technologies and solutions. In a new but extremely promising market, this is our first project with a payment scheme and a bank.
We showed the first PayPass-enabled NFC smartphone in May of this year. Now, any client can buy an NFC-ready smartphone or transfer their mobile phone into an NFC enabled device with a special antenna. The technology definitely left an impression.
The benefits of a cashless society are countless – from safer money transactions to more convenient and quicker purchase processes. As we see it, in the next 5 years about half of the payments in Russia may become cashless. MTS looks forward to actively spreading the PayPass technology in Russia together with MasterCard.