24.09.2019 Banking system of Turkmenistan implements latest modes of electronic payment

Joint Stock Commercial Bank Rysgal increases its services. Process of implementation of MasterCard international payment system is in the final stage. Implementation of this project is a part of the strategy of the bank’s development, improvement of its financial stability and competiveness among local and foreign banks.

Operations with Master Cards is in the practice of Turkmen banks for a long time already. Special feature of the system, which is to be launched by Rysgal Bank, is that technology of contactless payment is implemented in Turkmenistan for the first time.

Advantage of these cards is in easy use, speed and security of the payments. Holders of the cards would be able to make payments for goods and service by touching of terminal without entering a PIN code both in our country and overseas. Special terminals, which are able to accept contactless technology, are required for this.

Special formats of Master Cards were developed for users depending on their incomes and purposes. MasterCard Maestro is manat card where salaray wages of the holder will be transferred in national currency. This card will be able to be used for contactless payments with the limit of 50 manats.

Technological solutions of MasterCard have capabilities to add and change offered services. For example, loyalty programme, which involves accumulating of bonuses for purchasing of goods in supermarket and shop network of Turkmenistan, will be implemented based on such solutions.

MasterCard Standard is a bank card for foreign currency only. It is planned to set beneficial amount of one-time cash withdrawal from the ATMs of the country and abroad and making of non-cash and Internet payments.

MasterCard Gold is a plastic card for foreign currency only. It differs from MasterCard Standard by high limit of cash withdrawal and non-cash payments per months. Additional advantage of this card is that special services will be available for the holder of this card.

For example, one of them is Concierge Service, which includes organization of trips and travels, selection and booking of hotels and tickets. BoinGo Wi-Fi provides unlimited access to wireless internet in airports, hotels, cafes, restaurants and recreation places all over the world as well as onboard the aircrafts.

In its turn, MasterCard Platinum is a premium-class plastic card for foreign currency only. Holders of this card will have a capability of unlimited cash withdrawal and non-cash payments.

In addition to the above mentioned services, it implies gradual implementation of additional services like access to business lounges in airports all over the world, client emergency service, which includes virtual payment of services and fast cash issues cash withdrawal without card.

The JSCB Rysgal commented that practical measures are taken for expansion of spectrum of electronic services. In particular, services of Internet banking are planned to be implemented in all type of cards. This system gives an opportunity to make transaction using personal computers, to receive information about all payments without going to bank machine or terminal, provides service of SMS notification, 24 hours access of Call Centre of bank, etc.

In other words, client can operate the money on his account, to which bank card is linked to, without leaving his house, office or simply having holiday in any part of the world 27/7.

Turkmenistan citizens have already appreciated the advantages of electronic wallets and non-cash payments as in addition to convenience of use for the card holders. Electronic financial services provide the reduction of cost and improvement of reliability of money transactions.

E-money is an indispensable thing in Internet network. Using e-money, you can shop online, pay for electronic books and magazines, study materials, book tickets, etc.

International bank cards are convenient for specialists, whose work is related to overseas travelling, as well as for those who go on leave to foreign countries. Regardless what currency you put on the card, the withdrawal will be made in the currency of country the holders stay.

Exchange will be made automatically by beneficial rates of payment system. If the card is lost, it can be blocked and new one will be issued. At the same time, the money stay under bank protection.

Experts forecast tremendous rise to electronic payments in near future – this industry becomes an independent market. Popularity of electronic money grows in our country as well on the background of increment of real income of the population.

Many of our countrymen receive salary to bank cards. All of these dictates the necessity of significant expansion of the network of electronic payment terminals and activation of interbank cooperation.

Interest of Turkmen banks in leading foreign payment systems is not occasional. Issues of electronic cards helps to integrate into the world industry of banking services, to improve business image of the bank, to attract more customers. Participation in international financial and economic activity gives opportunity to master new banking technologies, to use giant infrastructure for making payments in global scale.