VTB discovered insights into the impact of subscription services on expenditures
The Boom of VTB Pay: shaking up the banking worldMay 16, 2025, 09:08
Photo provided by VTB
In the fast-paced world of banking, staying one step ahead can make all the difference. VTB, Russia's second-largest bank, is making its mark with the launch of VTB Pay, a game-changing payment service. With over a million clients already linked to the service, this innovative platform is revolutionizing daily purchases.
VTB Pay, introduced only five months ago, has quickly proven itself as an essential tool for boosting transaction activity. In just a short time, VTB Pay users have clocked over 40 million transactions, spending approximately 30 billion rubles. Analysts at the bank have found that VTB Pay users make an average of 15% more transactions monthly compared to those who haven't connected the service.
In April, a lucrative incentive joined the loyalty program for VTB Pay users: until the end of May, they can unlock an additional 1.5% cashback on all purchases made using the service at cash registers. This tantalizing perk has led to the service's user base more than doubling.
"With the appeal of 'plastic' ever-present, we're amazed by the growing interest from clients in VTB's pay service," shared Rostislav Yanikin, senior vice president and head of the transactional retail business department at VTB. "It's this convenience that draws users in - we're witnessing a steady increase in clients using VTB Pay, and after the introduction of the cashback category, we're seeing an uptick in transaction activity too. Clients are not just partial to tapping their phone for payments, but they also appreciate the added advantage."
This year, VTB Pay is gearing up to offer new features for effortless, smartphone-enabled payments at brick-and-mortar stores and online.
Currently, the pay service is open to Android smartphone users equipped with NFC. iOS users can snag a free VTB payment sticker to enjoy contactless payment perks as well.
behind the scenes
While specific data on VTB Pay's impact on VTB Bank is not readily available, mobile payment services generally spur increased transaction activity and user growth by improving user experience and enhancing accessibility. As VTB Bank continues focusing on financial performance and strategic decisions, mastering the art of user-friendly financial technology will undoubtedly remain a priority.
- The introduction of VTB Pay, a groundbreaking payment service by VTB, a major player in Russia's banking sector, is causing a stir in the business world, particularly in the realm of finance and technology.
- With over 40 million transactions and approximately 30 billion rubles spent through VTB Pay, it has become an indispensable tool for boosting transaction activity, leading users to make 15% more transactions monthly compared to non-users.
- Expanding its services, VTB Pay plans to offer new features for seamless, smartphone-enabled payments in both physical stores and online, catering to users of gadgets such as smartphones and cellphones equipped with NFC.
