Russian financial group Alfa-Bank has launched a new watch supporting contactless payments in partnership with MasterCard’s PayPass.
The Alfa-Bank contactless watch, named AlfaPay, reduces the time of a POS transaction to fewer than 30 seconds. Payments of up to 1,000 rubles can be made without having to sign a receipt or enter a PIN – users simply present the watch face to the contactless reader for payment.
AlfaPay looks set to become as essential as Apple Pay in the very near future. It can be used in 68 countries around the world at any retailer with a PayPass-supporting terminal.
Alfa-Bank recently pioneered contactless ATM technology supported by KAL’s Kalignite software; with this new product, customers can also benefit from added efficiency at the point of sale.
Alfa-Bank initially deployed contactless ATM depositing functionality with PayPass on ATMs running Kalignite Software before expanding the program to support contactless withdrawals.
To make a withdrawal, ATM users present their card to the reader, wait for onscreen confirmation, and then enter their PIN and select the withdrawal amount. The transaction process is very efficient and can be completed in around 30 seconds. As developments in the field of digital banking continue to emerge, KAL will be supporting Alfa-Bank’s work to continually implement new and innovative transaction solutions.
Founded in 1990, Alfa-Bank is a full-service bank operating in most sectors of the financial market, including retail and corporate lending, investment banking, leasing, trade, and structured finance.
Alfa-Bank is Russia’s largest private bank in terms of total assets, total equity, customer accounts, and loan portfolio.
The Alfa Banking Group’s corporate and retail client base has grown considerably over the last several years: as of June 30, 2015, the Alfa Banking Group served over 190,000 corporate and 13.9 million retail customers, while the branch network expanded to 775 offices across Russia and abroad, including a subsidiary bank in the Netherlands and financial subsidiaries in the United States, the United Kingdom, and Cyprus.