Russian Standard Bank, one of the largest Russian acquiring banks, started accepting Alipay for payments at cashier. To make such a payment, it is enough for the cashier to enter the amount of the payment and scan the QR code displayed on the payer's phone. This will significantly expand the potential for interaction between potential customers and this payment service in Russia.
In addition, the integration will be especially interesting for hotels and restaurants, as it will allow one to place the name in the AliPay marketing directory, which is available to all users.
We note that this was made possible by the M4Bank.AP technological platform, developed by Center of Corporate Technologies LLC.
Let us recall that a little over a year ago, in the summer of 2017, Russian Standard Bank and CCT released a joint project of accepting Alipay at POS-terminals.
Due to the flexibility and openness of the M4Bank.AP processing solution, the usage of one of the most popular payment services in China is becoming increasingly convenient and affordable.
Alipay is one of the largest payment systems within the Alibaba Group, founded in 2004. In addition to using Alipay within the group to pay for products offered by the Alibaba Group, this payment system is also used by more than 460 thousand other companies. According to the report released by Better Than Cash Alliance, the payment system has broken all records: users sent $1.7 trillion in total payments through Alipay service. The Chinese service has far outpaced PayPal’s (197 million users) payment volume, which in the same year amounted to 354 billion U.S. dollars (about 16 million transfers per day).
About Russian Standard Bank
Russian Standard Bank (18th place in the ranking in terms of assets) is among the top three leading Russian acquiring banks. This bank launched a mobile acquiring project among the first in the country. The project started on magnetic card processing equipment and on the technology of the Russian supplier. In 2014, the bank decided to move from obsolete technology to CCT’s solutions and to use Chip&Pin devices. The bank plans to distribute several thousand devices per year.