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Tokenization, which is emerging as a global trend to secure mobile payments, is making inroads in Russia. Recently, National System of Payment Cards (NSPK) is planning to introduce tokenization service in Russia to make shopping through smart phones safer. NSPK has collaborated with payment systems Visa and MasterCard on this. This contactless payment service that will be available to Russians by the end of the year will let them securely pay through Apple Pay, Samsung Pay and Android Pay.
The tokenization technology, first introduced in the U.S. in 2014, allows payments through mobile devices without being required to provide credit card number or client’s account number. It lets a unique token that is compatible with device or retail to be scanned by payment terminal. This technology can give additional security in non-cash payments as token generated for ATM cannot be used for processing payments at retail outlets or online transactions, as it is independent of any payment data or personal details.
PayNXT360 believes that successful launch and implementation of the tokenization technology will positively impact growth of digital payments, especially mobile payments in Russia. Mobile payment industry in Russia is expected to record a CAGR of over 55% during 2016-2020.
To know more and gain deeper understanding of mobile payment industry in Russia, click here.
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