Promsvyazbank to Start Accepting Alipay Payments in Russia
Promsvyazbank has announced the launch of a pilot to accept Alipay
March 21, 2018 - Moscow, Russia
Promsvyazbank is now offering its merchants the ability to accept payments via Alipay without the need for additional devices or applications. The new functionality is available via the existing point-of-sale infrastructure, and funds for Alipay sales are transferred daily.
Promsvyazbank was supported in the launch by OpenWay, a software provider and developer.
"This project is first and foremost about helping our merchant customers develop their businesses. This new functionality will enable Promsvyazbank merchants to potentially increase turnover and revenues at a favorable MSC rate," commented Mark Baranov, head of acquiring department at Promsvyazbank.
The Alipay application is used by 520 million customers, and its annual turnover in 2016 exceeded total cash turnover in China. Alipay is the most popular mobile payment system in China with a market share of 54%.
Consumers use Alipay most often to purchase jewelry, cosmetics and perfumes, premium brands, food products in supermarkets, souvenirs and air tickets.
Promsvyazbank is a top-3 private bank in Russia and is universal commercial bank, whose history totals 20 years. “The Banker” magazine includes Promsvyazbank in 500 largest banks of the world by the size of own capital. PSB total assets exceed 1,2 trillion rubles and was recognized as one of 10 Systemically important financial institutions by Central Bank of Russia.
OpenWay Group was founded over 15 years ago. We develop WAY4, an innovative e-payment processing framework for banks, payment processors, telcos and petrol companies.
OpenWay was initially headquartered in Brussels, Belgium with one R&D team there and another in St. Petersburg, Russia. Today we are a global company with 10 offices and 130 customers around the world.
Our portfolio consists of WAY4 Card and Merchant Management, Financial Switching, Personalised Channel Banking, Prepaid Cards, E-Commerce, Mobile Payments, Digital Wallet, DCC, Fuel Cards, and other solutions.
Our customers include tier-1 giants, mid-size companies, and ambitious start-ups:
- Equens, Western Europe (SEPA-acquiring of 0.5 million merchants on WAY4)
- Savings Bank of Russia (issuing and acquiring back-office, and authorization switch for 140 million credit and debit cards on WAY4)
- SIX Group, a leading European payment company processing over 4,000,000 cards and migrated over 30 banks to WAY4 within 15 months
- Comdata, USA (commercial cards on WAY4)
- Network International, the Middle East (a processing center with approximately 60 banks on WAY4)
- Raiffeisenbank Int., Eastern Europe (a processing center for 15 banks and countries on WAY4)
- Bank Audi, MENA region (more than 40 card products on WAY4 including NFC)
- Halyk Bank of Kazakhstan (the first bank to launch Visa P2P Mobile Transfers)
- Lukoil Intercard, Eastern Europe (B2B fuel cards with comprehensive loyalty services on WAY4)
WAY4 live installations consistently demonstrate high performance; for example, 90 million cards issued and authorized on a single platform and 12 million POS/ATM clearing transactions processed daily by a single acquirer.
OpenWay, known for its commitment to long-term relationships, both serves customers locally and provides global support. Today our team unites approximately 500 payment business, digital technology, and security professionals.