Telcom and mobile operator MegaFon has partnered with Mastercard to integrate a virtual card into its mobile phone accounts to enable easy payments for its customers.
MegaFon subscribers using Apple and Samsung handsets will be able to use their devices for both online and offline mobile payments after they activate the new service.
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The virtual card, which can be created using the MegaFon.Bank application, will be tokenised through Mastercard Digital Enablement Service (MDES).
MegaFon director of New Businesses and Partnerships, Yan Kukhalsky said: “This will considerably increase the penetration of cashless payment services in Russia.
“I believe that it will not only make new payment technologies more accessible but will also open up new avenues for telecommunications companies in the sphere of financial services.”
MegaFon customers will be able to add funds to their card by just topping up their mobile and can use remote services to manage their account.
Furthermore, each user can create up to 10 virtual cards and link them to a single mobile phone account for family and friends.
Initially, MegaFon introduced a physical Mastercard card associated with a mobile phone account in August 2016. These cards are issued by Round Bank and available at all MegaFon outlets.
Mastercard Russia, Belarus, Armenia and Kazakhstan director of Business Development and Digital Payments, Mikhail Fedoseev said: “We have now made a new digital step towards the future together: when developing new products, we are guided by the principle that any device connected to the Internet can become a simple, secure and convenient payment tool.”
