Samsung Pay Expands Bank Support in Russia With Sberbank

Samsung Pay leverages biometric authentication to verify point of sale payment transactions.

Another Russian bank has signed on as a Samsung Pay supporter. Starting today, Sberbank customers can now upload their Mastercard debit and credit cards to the mobile payment service.

Samsung Pay Expands Bank Support in Russia With SberbankHaving launched in Russia at the end of September, Samsung now has the backing of seven domestic banks including Alfa Bank, MTS, Reiffeisen Bank, Russian Standard Bank, VTB 24, and Yandex, in addition to Sberbank. A relatively large percentage of the Russian population uses Samsung phones, which have a 20.6 percent marketshare, so the Russian banks’ support for Samsung Pay could help the platform to really take off as a payment alternative in the country.

Explaining his bank’s embrace of the mPayment platform, Sberbank Board Deputy Chairman Alexander Torbakhov pointed to a wider shift underway in financial services:

“Very soon credit cards will become a relic of the past. Smartphones and smart watches, that let users pay for purchases quickly and safely are to replace cards. Now Sberbank customers can use a convenient Samsung Pay service and make payments with a single touch of the smartphone, almost anywhere payment cards are accepted.”

With its footing in Russia now firm, Samsung Pay is expected to expand to Malaysia and Thailand by the end of the year.