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Tinkoff Bank has launched its instant payment service, called Tinkoff Pay, as Western players continue to quit the Russian market after invasion of Ukraine.
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The Russian bank said that by using Tinkoff Pay customers will be able to pay for goods and services online in online and offline stores without entering card details.
Initially, the service will be available in over 30,000 online stores that use Tinkoff Kassa via a smartphone or computer.
Later, other banks’ clients will be able to integrate their accounts to Tinkoff Pay and access payment services from the Tinkoff ecosystem.
The digital bank said it will also integrate biometric technologies and Tinkoff ID service in Tinkoff Pay.
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By GlobalDataShortly after Russia invaded Ukraine, the US along with its European and Asian allies imposed severe sanctions on Moscow.
In late February, the Russian banking regulator announced that Google Pay and Apple Pay services will not be available to users of cards issued by Russian banks that are subject to sanctions.
Tinkoff Bank said the new offering resembles Samsung Pay, Apple Pay and Google Pay in terms of functionality.
Tinkoff Pay joins other payment systems in the Russian market such as Sberbank’s SberPay and Gazprombank’s Gazprom Pay.
The TCS Group-backed bank has plans to launch various service technologies in stages during 2022-2023.
Notably, Tinkoff Bank is not subject to sanctions, but the last few months have been choppy for the lender, which reported a drop in net profit in the first quarter.
In April, Russian oligarch-backed Interros acquired a 35.08% stake in TCS Group from Tinkoff Bank founder Oleg Tinkov.
