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Sunday, March 18, 2018

When the Bank card finally “move” to a mobile phone

Bank cards are gradually yielding its position on the payment market mobile gadgets. To keep the interest of the holders of the bankers offer them additional benefits include: cashback up to 6-8% in the calculations through the terminal bonus miles and points when refueling at the gas station.

photo: Gennady Cherkasov

The technology revolution

We are experiencing a technological revolution, changing the form factor, tool card delivery to the client, namely the rejection of the plastic: mobile banking services with your smartphone, NFC, Apple pay and Google play. “One of the main trends of cashless payments — the increase in the share of transactions via mobile devices. In the future, this share will only increase, because to develop services and technology everywhere to pay for purchases without the use of “plastic”. We are talking about NFC chips and tokenization,” — said the Director of the Department of cross-sales of OTP Bank Alexey Savelev.

Agrees with him Director of Department of retail business development Rosevrobanka Suvorkin. According to him, customers appreciate the more modern and technologically advanced service. The Bank can issue not only a plain card with a chip or a card with contactless payments, and contactless card sticker. It looks like a small sticker 3×4 cm, which can be pasted, for example, on a keychain, for phone, tablet, etc. and use this device as means of payment.

Development Bank card associated with the increased convenience and safety calculations. Already widely used contactless payment technology, new media, which can pay goods and services: payment watches, bracelets, rings, smart phones and biometrics.

Perhaps in the future, greatly reduced or eliminates the need for a card as physical media: map “move” into the phone. “Technically it is possible today. But while it is not very convenient as most of the infrastructure for accepting Bank cards — ATMs and terminals — not yet has the functions of contactless cards. And the share of phones with a similar function is still low,” — said Artem Deev from Amarkets.


The share of cashless payments shows an increase year-on-year. “Bank card (design, modern, services, technologies) to generate the client presentation about the Bank”, — says head of Department on development of card products of Bank “GLOBEKS” Timur Gubaidulin. According to him, the Bank card has changed our habits: today no need to carry large amounts of cash, you can do everything with mobile banking that is bound to “plastic”. In Moscow restaurants, people often spread the money to each other on the map, if you need to pay by check big company. Across the map are increasingly paying housekeepers and taxi drivers.

Bank cards are just starting to disappear from the lives of consumers. This does not mean that the client will no longer pay by card: some industries are just starting their acquaintance with “plastic”.

“Today, the trend is that these new tools, it is believed, for the young and modern. However, all clients it is important to understand that the development of the form factors is the way towards simplification, facilitation, convenience and personalization. After 5-10 years, the cards are unlikely to disappear completely, because the customer is not always ready to accept innovations, but their number is definitely reduced, especially in connection with the change of generations,” explains Egor Krivosheya, expert of the Department “Finance, payments and e-Commerce” Moscow school of management SKOLKOVO.

Now we see the gap between residents of cities and large towns, where banks are actively introducing new technology and smaller settlements where still in the course of cash. However, the share of non-cash circulation in the country will grow, including because banks are constantly offering bonus programs for card users.

Good advice

Managing Director, BCS Ultima Vitaly Bagmanov advises customers to be aware of the changes in the market of Bank cards as a result of competition conditions on the cards are becoming more attractive, and the client can obtain several benefits from using the card. Among them can be as bonuses for purchases, and favorable currency conversion rates, easy payment multi-currency card abroad, free cash withdrawals, insurance for travel and much more.

Of course, there is a direct correlation: the higher level the map, the more you can get the preferences, but the more you have to pay for its services. For example, the platinum card is convenient because you can spend time in the VIP airport Lounges using priority pass. For such clients, banks offer not only the bonus system, but also a personal Manager that will help clients to invest personal funds.

Now the rates on deposits are falling and banks will try to offer new products to expand its base. Therefore, the presence of a large balance on the card involves the expansion of the services offered by the Bank.

The travel card is especially convenient, but it is better to bring at least one spare card in case you lose or lock core. It will help you avoid the risk of losing access to your money in another country. “Traveling abroad does not necessarily open the card in the currency you will be able to pay the ruble card, the credit card will be charged in rubles at the exchange rate. To control expenses on the map, I recommend to connect SMS-notification and regularly check your Bank statement — this can be done through the Internet Bank or in branch of the Bank,” sums up Suvorkin.


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