HCE-based contactless payments service is available to partner banks of Faktura.ru

Partner banks of Faktura.ru are among the first in Russia to offer their customer HCE-based mobile contactless payments service.
Mobile contactless payments service is based on HCE (Host Card Emulation) technology enabling bank’s customers to make simple, quick and secure in-store purchases. This changes the very essence of a payment instrument. The payments are now made via today’s most popular gadget – a smartphone.  
HCE technology allows to emulate a virtual client’s card in Faktura.ru mobile application. Today all the necessary payment data previously stored on the card microprocessor is stored on a smartphone. This means users don’t have to take a bank card with them – the mobile phone performs all required payment functions.
Connection to the service can be made from the user’s mobile application. In case the client is using an NFC-enabled Android 4.4+ phone – a mobile application will offer to apply the mobile contactless payments service straight away.
Payments are made by waving a mobile phone in front of a POS terminal with a contactless reader. With the service run in the background, a client simply unblocks the mobile phone to make a payment.
Data is transferred under the same encryption standard that is used in major modern POS terminals. This does not require creation of a new terminal network to apply the solution and ensures high level of security complying with the highest world standards.
The service is available for partner banks of Faktura.ru issuing VISA virtual cards on CardStandard PC processing and performing transactions accounting in Oracle-based CFT-Bank or CFT-Retail Bank automated banking systems.
“The obvious convenience of mobile contactless payments stimulates quick cashless payments for small amounts, like payments for parking, fares for crosstown lines or fast food restaurants. We do believe that advantages of the huge addressable market that now exists for ‘HCE’ and a great deal of interest in these services allow to consider HCE and NFC as a perfect driver of retail cashless payments volume growth”, – Madina Mukanova, Director of  Faktura.ru, on the launch of a new service.