Bank of Moscow and Visa International have launched a multi-application smart card scheme to allow consumers to pay for goods and services using chip technology across the Russian capital.
Consumers can use the card's Visa Electron debit card functionality to pay for goods in 200 stores in the metropolitan area and withdraw funds from any Bank of Moscow branch or through its ATM network. The bank has also opened cash machines for pension payments at ten post offices.
Intended for people who receive state aid, such as students, pensioners, and members of the armed forces, the card also has functionality for welfare benefit collection. Additionally, cardholders can use the card to collect medicines in pharmacies and clinics and register for services at six district hospitals. The card can also be used to receive discount on transport fares across the capital.
Gaylon Howe, executive vice president, consumer product platforms at Visa International, says: "This is an excellent example of how Visa member banks, working with trusted government agencies, can use smart card technology to reach people who have no bank relationships."