Starting in July 2013, customers can use cards based on the innovative MasterCard PayPass contactless payment technology at The Seventh Continent stores in Moscow.
This is a cooperative project between VTB Bank, MasterCard and The Seventh Continent retail chain.
VTB Bank acts as the acquiring bank in the project.
The Seventh Continent has 141 stores to date.
MasterCard PayPass is an innovative payment technology whereby a payment card or other payment device is tapped on a
MasterCard PayPass cards have a radio frequency identification (RFID) chip and an antenna for connecting to the bank, with the transaction confirmed almost immediately. Clients will no longer have to let go of their cards, which will increase payment safety and seriously reduce shopping time.
"MasterCard PayPass is a promising technology that already enjoys considerable demand and will enable VTB to ensure high client service standards and to attract new large chain players that want to increase client servicing speed," said Gurinder Nihal, head of VTB Global Transaction Banking.
PayPass is ideal for rapid payment and service at malls, restaurants, transport zones, movie theatres, petrol stations, parking lots, and sport grounds, and also for vending machines.