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VTB and online retailer Wildberries launch VTB Pay
The new payment service system will allow customers of the online retailer to link bank cards to their personal accounts and pay for purchases without additional confirmation of transactions.
Wildberries, Russia’s largest online retailer, in partnership with VTB developed and launched a new payment service, VTB Pay. With the new service, the marketplace users will receive another payment instrument from one of the largest banks in the country, which will ensure secure payments for purchases without additional confirmation of the transaction. Up to 4 million people are expected to become the new service users by 2022.
“We see a tremendous interest of the market in various payment innovations, which is demonstrated by businesses interested in reducing costs, as well as customers seeking to pay for purchases as quickly and securely as possible. I am sure, the launch of VTB Pay together with Wildberries will become a new stage in the retail sector development in our country,” said VTB President and Board Chairman Andrey Kostin.
At first, VTB Pay will be only available for the bank's existing clients within the online resources of VTB partners. In 2022, its functionality will be expanded to add new services, including opening accounts for clients of other banks. The implementation of new payment service capabilities will allow VTB and Wildberries to offer customers an additional discount when paying for purchases through VTB Pay on the marketplace.