Tinkoff rolls out new payment service for businesses – Tinkoff Checkout

By Megha Bhattacharya

Russia-based Tinkoff announced the launch of an online and offline payment service for legal entities – Tinkoff Checkout. The new service is expected to operate as a one-stop-shop for companies, combining both existing payment technologies of the Tinkoff ecosystem and new solutions, including services provided by CloudPayments, a leading Russian online payments company.

Sergey Khromov, Vice President, Head of Tinkoff Checkout, commented, “Tinkoff Checkout is designed to address all business tasks simultaneously. Our system provides companies with the most comprehensive range of payment services currently available on the market. In addition, we also offer a wide range of industry solutions for different business segments, including international customers.”

According to Tinkoff, the new solutions will enable businesses to perform tasks such as accepting payments in an online store, introduce fiscal cash registers, turn a phone into a payment terminal, provide customers with a POS loan or an instalment plan online, set up sales analytics, get accounting workstreams organized and tailor Internet acquiring to the company’s needs using open APIs.

“Tinkoff Checkout provides a full range of services for businesses, including cash management services, merchant acquiring, in-house solutions for online cash registers and it is compliant with Law No. 54-FZ. ”

“The launch of Checkout is a natural step for Tinkoff, given the growth of the e-commerce market, which has accelerated during the pandemic. In 2020, the turnover of Tinkoff’s Internet acquiring business doubled, with the number of active merchants surging by more than 60%. In 2020, Tinkoff ranked in the world’s top 100 acquirers for the first time. We expect the growth of the number of new clients of Tinkoff’s payment services to accelerate three-fold in 2021.”

Tinkoff’s Checkout services will also include merchant acquiring services, connection of online cash registers, recurring payments, etc. Customers will also get access to detailed analytics and the sales launch solutions available on the market, which incorporate website builders. In addition, each customer will be assigned a personal manager whom they can contact by mobile at any time.

Tinkoff, recently, began using an AI-powered predictive analytics tools, based on combined data from multiple sources, including telecom operators, Russian credit bureau and Tinkoff itself.