Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Russia-based Gazprombank has launched a new payment offering after major payment firms including Mastercard and Visa halted their services in the country in the wake of Ukraine crisis and subsequent sanctions on the country.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Dubbed GazpromPay wallet, the offering facilitates payments from any bank card at online stores using smartphones.

In addition to linking their existing cards, the wallet also allows users to instantly issue and use virtual cards to make purchases at online stores.

Gazprombank deputy chairman of the board Dmitry Zauers said: “In recent years, Gazprombank has been one of the most active participants in the process of digitalisation of the Russian financial sector, including the progressive development of a wide range of modern remote services for the convenience of its retail and corporate clients.

“The launch of the GazpromPay payment wallet is the most important stage in this process, and the need to invest in the development of such services in Russia today has acquired particular relevance.”

The wallet is currently available at several online stores, including Tretyakov Gallery, and GPB Mobile. The bank said that it is seeking to significantly expand the list of online stores partners.

It is also planning to add new functionality to the requirements of customers and partners as demand for reliable and stable Russian wallet services increases.

Last month, the Russian central bank said that the users of cards issued by sanctioned Russian banks were restricted from being used with Google Pay and Apple Pay services.

Following the sanctions, payment majors such as Visa, Mastercard, Amex, Western Union, suspended their operations in Russia.

Earlier this month, a report by Reuters said that Russian banks are looking to tap China’s UnionPay to issue cards in the country.