It is the most modern payment method for purchases in on-line environment and mobile applications, and also for purchases at locations supporting NFC technology.
Google Pay (previously named Android Pay) will further improve the consumer buying experience for the customers of Touch Bank, as the cardholders no longer need to present a card in store or when entering card details online.
Furthermore, when a purchase is made with Google Pay, information about the card is not provided to the seller. Electronic payment security is ensured by a tokenization technology – instead of the client card details, a corresponding token is used, providing additional security.
Google Pay is an instant, convenient and safe payment service for purchases from any Android smartphone or tablet on websites and mobile applications that support Google Pay. Google Pay can also be used at any point of sales, simply by touching the NFC-smartphone to a contactless reader at the checkout.
Touch Bank development of banking products head Sergei Mozhaev said: "In just a few years, contactless payments have evolved from the technology of the future to a basic minimum for retail banks. The ability to pay for goods and services with a smartphone is the level of experience that digital bank customers expect.
"We highly appreciate Tieto for the successful project on connecting Touch Bank to the payment service Google Pay. Together, we managed to go through all stages of development and implementation of the project in the shortest possible time and give customers a long-awaited opportunity to use smartphones instead of more traditional means of payment," .
Tieto Retail payments and cards director Valdis Janovs said: "Mobile payments continue to grow rapidly among consumers and banks. Banks are the preferred provider of mobile payment services as well as a provider of traditional and reliable financial services to customers. The use of Google Pay will enhance the experience and strengthen the loyalty and positioning of the Touch Bank brand as an innovative and future-facing financial institution."
