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PSB pilots contactless payments acceptance on NFC phones

Russia’s PSB bank has begun the country’s first pilot of dongle-free contactless payments acceptance on standard Android NFC devices.

Blue and orange promsvyazbank / psb logo

The new SoftPOS service “allows you to turn any NFC phone running Android 7.0 (and above) into a fully fledged POS terminal,” the bank says.

“At the request of the client, the application can also be easily integrated with cash register software.

“To turn a smartphone into a payment terminal, you only need to download the Tap2Go application from Google Play, select the correct type of payment terminal in the settings of a compatible cash solution and enter the login and password received from the bank. The application automatically adapts to each client.

“During the pilot project, shoppers will be able to make payments of up to 3,000 roubles (US$46.74) with a contactless Visa card and up to 1,000 roubles (US$15.58) with a contactless Mastercard or MIR card. Purchases made with a mobile device (watches and smartphones) do not have a transaction limit.”

“Using a smartphone instead of a terminal can create a real revolution in the field of payments,” the bank’s Nikita Khomutov says.

“Small and micro businesses, courier services and retail outlets with low traffic, for whom the purchase and maintenance of a POS terminal is quite expensive, will benefit most from the introduction of this technology.”

The pilot will run until the end of October 2019 and will then roll out as a commercially available service, PSB says.

“After the pilot ends, any company and individual entrepreneur will be able to connect to the project. They will be able to accept payments from their smartphone the very next day after concluding an agreement with the bank.”

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