A1 and Visa have entered into a strategic partnership agreement to develop digital financial services
A1 and Visa have announced the signing of a long-term strategic partnership agreement. This step will allow to develop digital financial services in Belarus even more rapidly, as well as to expand the opportunities of A1 banking application subscribers by implementing new high-tech options.
A1 and Visa announced the signing of a long-term strategic partnership agreement for a period of 5 years with the possibility of extension. The outcome of partnership cooperation will be the expansion of the list of financial services of A1 banking application, including the offer of innovative products for Belarus. Also, as part of strategic cooperation, we are working on entering the premium segment with the possibility of customizing solutions.
"First of all, A1 is known in Belarus as a provider of telecommunication, ICT, and content services, and in addition to them the company also offers financial services and products. And at a time when every year it is mobile and online payments are becoming an increasingly popular method of settlement, this area of our activity becomes particularly important. Partnership with Visa, one of the major payment systems in the world, will allow us to combine our possibilities and to exchange experience to provide Belarus with universal and high-tech financial products that meet modern international standards," said Deputy General Director for Financial Affairs of A1 Johannes Kandera.
According to the Digital 2020 report, 52% of subscribers make purchases online using mobile devices, which confirms the key role of mobile payments in the new reality. Mobile wallets or digital wallets are increasingly being used by consumers who choose convenience, security, and a simplified authentication process. To make a payment, the subscriber does not need to enter card information on websites or to provide cashiers with a card for payment, which allows to avoid interaction with other objects and to remain safe using a personal smartphone.
"Active development of innovative technologies is radically changing the business and user experience. While millennials and generation Z were the key drivers of mobile payment usage until recently, now the trend is becoming popular among other generations, due to which the development of m-commerce is more rapid than expected: by 2024, the global market for mobile payments may exceed 3.081 billion dollars. The partnership with A1 is an important step in the development of payment ecosystem in Belarus. Our goal is to share our perspective and to help technologically provide payment solutions in a flexible, reliable and secure way. We hope that such cooperation will give a significant impetus to the digitalization and even greater growth of cashless economy," said Visa Regional Manager for Belarus, Ukraine, and Moldova Svetlana Chirva.
Currently, the free A1 banking financial application is available to subscribers of all mobile operators in Belarus. Subscribers can make commission-free payments with any card of Belarusian banks, make contactless payments with a smartphone, and transfer money to other subscribers. Additional options include the possibility to pay for fuel at the Belorusneft filling station network directly from the application and without the need to interact with the cashier, as well as the possibility to use a monthly limit of 100 rubles to make payments under the A1 Purse service.
Previously, in the framework of cooperation between A1, Visa, and Reshenie Bank, there was implemented the possibility of issuing a virtual card with cashback which works on the platform of Visa international payment system. Subscribers of A1 banking can issue this card directly in the application to make any payments in Belarus and abroad. In addition, until November 30, 2020, A1 and Visa are holding a joint campaign called Let's Rock with the Virtual A1 Card. Its participants, subscribers of the A1 banking application, may win rewards for contactless payment for goods and services using the A1 virtual card.