Tinkoff launches international transfers via phone number. By 2022, the company will enable phone number transfers across all CIS countries.

Tinkoff has launched a new service enabling clients of foreign banks to make transfers using their phone number, according to Finextra.

At the moment, Tinkoff customers can make transfers to 10 banks in Tajikistan, Uzbekistan and Kyrgyzstan, namely: Dushanbe City, Alif Bank, CB Kyrgyzstan, Universal Bank, the National Bank of Uzbekistan, ANORBANK, Kompanion Bank, Commerce Bank of Tajikistan, the International Bank of Tajikistan, and Imon International.

By the end of the year, Tinkoff plans to expand this list to include more countries, notably Armenia, alongside a further 8-10 banks. In 2022, the Company will work to enable phone number transfers across the remaining CIS countries as well as other international regions. Tinkoff also plans to launch reverse transfers from the CIS to Russia, as well as enable transfers between customers of foreign banks that are part of Tinkoff’s network.

International transfers by phone number can be made through the Tinkoff mobile app or within a customer’s personal account on the Tinkoff website. In the phone number field, customers must select the prefix of the destination country. After this, they simply need to follow the same process as for any standard transfer within Russia –enter the relevant phone number or select it from among their contacts, choose the transfer recipient’s bank, enter the amount and click “Transfer”. The money will then be credited to the recipient’s account instantly.

Sergey Khromov, Vice President, Head of Payments and Transfers, commented: “Today, the fastest and easiest way to transfer money is by phone number, as this method does not require any bank details. Tinkoff customers can now make transfers from Russia to 10 banks in 3 CIS countries. We are committed to expanding this service further in the future to connect people all over the world.„

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TCS Group Holding PLC is an innovative provider of online retail and SME financial services. It includes Tinkoff Bank, its mobile virtual network operator Tinkoff Mobile, Tinkoff Insurance, its asset management company Tinkoff Capital, Tinkoff Software DC, a network of development hubs in major Russian cities, and Tinkoff Education.

The Group was founded in 2006 by Russian entrepreneur Oleg Tinkov and has been listed on the London Stock Exchange since October 2013.

The Group’s key business is Tinkoff Bank, a fully online bank that serves over 16 mn customers and forms the core of the Tinkoff ecosystem. Tinkoff is the 3rd largest retail bank in Russia in terms of active client-base.  In 2021 Tinkoff has been included in the CBR list of systemically important banks.

Tinkoff Bank is the second largest player in the Russian credit card market, with a share of 14.3%. The 2Q’21 IFRS net profit of TCS Group Holding PLC amounted to RUB 16.1 bn. The ROE was 46.1%.

With no branches, the Group serves all its customers remotely via online channels and a cloud-based call centre. The centre is staffed by over 10,000 employees, making it one of the largest in Europe.