Store without cashiers and credit in social networks: the future of means of payment and banking operations

Store without cashiers and credit in social networks: the future of means of payment and banking operations


Evolution financial technologies will lead to the fact that we will cease to notice how committed payments. Utilities and phone will be automatically and stores will disappear cashiers: customers will be able to take the goods off the shelf, and the cost will be deducted from the card. And in Russia, which is among the leaders in the field of financial technology, such a future may come faster than in other countries. This was stated by the experts of the session “Future of money” at the Moscow urban forum.

To spend money, but not time

What emotions do people experience when buying products in the store, put the money into the account, your phone operator, or pay the bill at the restaurant? The General Director of company “Yandex. Money,” Ivan Glazachev is sure that any emotions they have. “This is a routine process that you want to finish,” he says. According to him, mankind gladly would have given the opportunity to pay for goods and services robots, allowing them to spend money and save human time. Of course, now you can configure the auto payment function, which writes off charges for public utility services with your card in a certain number of months or sends money to the mobile account when the balance approaches zero. “But I think that the revolution (in financial technology) ahead and the way of its realization — the “Internet of things” (the ability of devices to access the Internet and transmit data to each other without human intervention)”.

The expert is sure that such shops — it is the near future: “We will not see any terminal, no cashier, just the payment will be carried out. And this experience can be applied not only to the field of retail, but also to any infrastructure component of the city transport, welfare, hospitals, schools. Banks need to be ready to serve the whole flow of transactions,” warns Glazachev.

The loan in the timeline.

Other financial technology you can create now, without waiting for the mass proliferation of Internet-enabled devices. For example, China now starts a service that allows you to assess the borrower’s creditworthiness at the list of his friends in social networks and the places where he most often makes purchases. About it on the forum said the co-founder and managing Director at Radiant Venture Capital Duncan Chiu: “WeBank is first online Bank of China — exploring your social status and places you visit. The app assigns you a social ranking that depends on who your friends are and what stores you go”. This rating not only affects the decision on the loan by the Bank, and allows you to borrow money directly from friends from the social network — in this case, they are able to assess the reliability of the borrower.

Intermediate Finance

In Russia, the future of financial technology will come earlier than in many other countries. So said Vice-President of Bank “Tinkoff” for the development of mobile services Maxim Evdokimov. According to him, our country is already ahead of other States, including the US, the convenience of payments. “Banking in Russia is relatively young. It carries some problems from the point of view of regulation, but there are advantages, such as acceptance of new technologies. Even the same contactless payments, we have developed much better than in many countries, including the United States,” — said Evdokimov.

According to him, the reason is that in other countries, the equipment for receiving, for example, a Bank card worth for many years. And sellers there is no need to change it because the old terminal to cope with their tasks, but new is expensive. However, it lacks the advanced features like the same contactless payment. We have the same seller buys from a new terminal that meets all the requirements and having all possible features. “The same applies to the technical infrastructure of banks. Western banks have a fairly outdated infrastructure on which it is difficult or very expensive to develop modern financial technology. We have the same infrastructure is under construction, and it is easy to modernizarea,” — said Evdokimov.

Russia also occupies a leading position in the use of contactless cards Visa PayWave among the CIS countries, the Middle East, southern and Eastern Europe and Africa. This is evidenced by a study Visa.

Contactless payments we have developed much better than in many countries, including the United States

Maxim Evdokimov
Vice-President of Bank “Tinkoff” in the development of mobile services

At the same time Vice-President of “Tinkoff” doesn’t know the difference between big cities and sparsely populated villages: “Our goal is to provide a full range of services equally well and efficiently, regardless of where this or that citizen. We have a separate mobile app for our representatives. Such a person is, in fact, a Bank that travels to the customer almost anywhere in the country, our coverage is 97% of the territory of Russia”.

In turn, Glazachev believes that innovative financial technology will develop in the big cities, where they have more demand.

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