MegaFon is working with Mastercard to develop a full service financial marketplace for its mobile network subscribers in Russia.

Its customers can already turn their mobile phone account into a bank account using the MegaFon Bank mobile app and use their mobile phone’s credit balance to pay for goods and services anywhere that accepts Mastercard.

The latest feature – Credit via Mobile – enables customers to use their smartphone to apply for credit from Russia’s largest financial institutions without having to visit a bank. The loan request is analysed and the approved funds are sent immediately to the customer’s mobile phone bank account.

Subscribers will then be able to use the funds to make payments “anywhere they want using a virtual Mastercard card linked to Apple Pay, Google Pay or Samsung Pay,” Megafon says.

MegaFon Bank has already issued the first personalized credit offers to customers during the soft launch of the service. Raiffeisenbank, Ak Bars Bank and Gazprombank are the first to work with MegaFon Bank, with up to 10 financial institutions set to become project partners before the end of the year.

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