Russian Post and MasterCard have signed an agreement to jointly develop financial products and payment technology and post offices, according to Post & Parcel.
Together with MasterCard, the national post operator in Russia will introduce PayPass contactless payment terminals to more than 2,000 post offices. The two companies could also take this technology further to introduce systems to let consumers make payments using their mobile phones, if equipped with NFC technology.
The contactless payment system will speed up the transaction process, and cut post office queues, by not requiring a signature or PIN number in the sale of low-value goods. Customers simply tap their contactless cards on a special reader to make a payment.
The agreement follows the UK’s Post Office Ltd announcement of a similar roll out of contactless payment terminals across its 11,500 branches network.
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