Tinkoff Bank Joins Visa-Enabled Mobile Number Money Transfer Service

Tinkoff Bank has joined Visa’s service for money transfers using a recipient’s mobile phone number. Tinkoff Bank customers can now send and receive cash by phone number to VTB Bank, Russian Standard Bank, and Home Credit Bank card holders.

To use the new service, customers need to activate it in their user accounts at Tinkoff.ru (Actions section) or the mobile app (Services section), select the Tinkoff card from the list, and add the Visa transfers option. Transfers from other participant banks will be forwarded to this card.

To transfer money using the Visa service, customers should choose the Transfers section in their user account at Tinkoff.ru or the mobile app and add the recipient’s phone number. The sender will be able to use any of the transfer options available, including Visa’s transfer by phone service, if the recipient has activated it at their bank. The transfer by phone fees will be the same as for card to card transfers.

“Tinkoff Bank was among the first in Russia to offer its customers a service enabling payments to mobile numbers within its ecosystem. We are continuously working to expand our portfolio of simple and user-friendly payment solutions. In July, we pioneered the mobile number payments market in cooperation with Sberbank. Today, we are pleased to join the Visa payment project, which is sure to improve our customers’ experience. Tinkoff Bank is also actively involved in launching the Faster Payment System, which will help make instant payments using simple methods of identification, including by telephone number.” – Head of Payment Systems and Vice President of Tinkoff Bank, Anatoly Makeshin.

“Today, as there is a wide range of payment options on the table, users no longer have to worry about bank card details. A mobile number is a means of identification many have grown accustomed to. Our new service will improve customer experience for Visa card holders even further, while providing them with our usual highest level of payment security.” – General Director, Visa Payment System LLC., Ekaterina Petelina.