Photo: Oleg Karsaev / “Kommersant”
International payment system Mastercard is preparing to launch in Russia, the service of money transfers abroad on a mobile phone. The information included in the strategic documents of the company owned by Grigory Berezkin the RBC with reference to sources in the market.
For translations, the system intends to use the Mastercard service Hub, which stores telephone numbers of customers linked to the card account. The press service of Mastercard confirmed that they continue to explore various options for the development of money transfers, including transfers to other country mobile phone number.
According to one of sources, access to the service will receive the cardholders of banks that joined the project. To use it, customers will need to register the card in the Mastercard Hub with the mobile application of the Bank. After that, he will be able to choose the recipient’s phone number and enter the transfer amount. It is also necessary to specify that the money will go abroad. The phone number in this case will be the ID of the user and the Bank and payment system you can see all the necessary user data, that is, the card account and name.
Another source noted that the international payment system been thinking about transfers by phone, but their plans were upset by the faster payments system of the Central Bank, launched at the beginning of 2019. It involves a larger number of banks (now 16), so the company decided to focus on cross-border transfers. To the domestic system of money transfers from Mastercard, launched in the spring of last year, has just joined Raiffeisenbank and Surgutneftegazbank. The equivalent of Visa — VTB, “Russian standard” Tinkoff Bank “home Credit”.
Experts differ in opinion, what will the launch of the service from Mastercard. Senior Manager, risk management Department, Deloitte Sergei Grishunin suggested that the beginner can out of the market, the usual operators, including Western Union and the “Golden crown.” At the same time, he acknowledged that the limitation of the audience and Mastercard cardholders will be net of the service since the service is not too convenient for migrant workers, but ideal for transfers to children and relatives abroad. The head of the Association “Financial innovation” Roman Prokhorov has noticed that the segment is very busy with other players, and offer Mastercard will not be too popular.
In January 2019, the European Commission fined MasterCard 570 million euros for breach of competition law. According to the investigation, the system overstated the value of cross-border payments and taking advantage of a monopoly position, is damaging to consumers and business.
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