Russia’s digital banking leader Tinkoff announced today the launch of an online and offline payment service for legal entities. Dubbed ‘Tinkoff Checkout,’ the service will operate “as a one-stop shop [for] companies to take care of all of their online and offline financial needs in one place.”
The service will allow businesses to accept online payments, provide customers with a POS loan, introduce fiscal cash registers, turn a phone into a payment terminal, set up sales analytics, and more.
“Tinkoff Checkout will be organized as a construction set, so companies are able to select a specific set of services and solutions tailored to their needs. Moreover, this can be done at a speed that is unprecedented for the Russian market. Some of our services can be activated within a day, compared with a market standard of three to five days,” stated Sergey Khromov, Vice President, Head of Tinkoff Checkout.
Tinkoff Checkout is available to businesses of all sizes, including those that have no bank account at Tinkoff.
To set up this service, Tinkoff has used its existing payment technologies along with new solutions, including services provided by CloudPayments, a Russian provider of online payment services.
Tinkoff claims the turnover of its Internet acquiring business doubled in 2020 amid the Russian e-commerce boom, with the number of active merchants surging by more than 60%. Thus Tinkoff ranked in the world’s top 100 acquirers for the first time.
Tinkoff’s acquiring and payment services are currently used by more than 200,000 companies and individual entrepreneurs
“We expect the growth of the number of new clients of Tinkoff’s payment services to accelerate three-fold in 2021,” said Khromov.
