Element-technologies: Payment terminals

2023: Creating a Terminal

At the end of November 2023, Element-Technologies announced the creation of the first Russian payment terminal. According to Alexander Sokolov, Product Director of Element-Technologies, the manufacturer has already concluded an agreement with one of the largest banks in the Russian Federation on the supply of new equipment.

According to Sokolov, Element-Technologies will launch a "full line" of payment terminals on the market, including classic POS devices, android solutions and embedded equipment. He did not disclose other details of the project.

"Element-technologies" presented the first Russian payment terminal

Vice-President of the Association of Banks of Russia Alexei Voilukov, in a conversation with Vedomosti, noted that it is important to understand whether the terminals will be basic or have the ability to display and read QR codes and NFC tags, possibly advanced with the ability to pay FacePay. According to the expert, the demand for the Element-Technologies product will depend on the modernity of the proposed solutions and the possibility of using all the latest payment technologies using such terminals, the cost of the solution and reliability in operation.

As a source close to Element-Technologies noted, earlier the French company Ingenico occupied 50% of the Russian payment terminal market, another 30% came from Verifone (USA), the rest was occupied by Chinese manufacturers. At the same time, the cost of certification of terminals of international payment systems was high, which made it difficult for Russian manufacturers to take a significant share in the Russian market, Vedomosti said in an interview.

According to Anton Shulgi, partner of the financial consulting department of DRT, by the end of 2023, terminals used in Russia are physically produced in China. Competing in price and functionality with the same quality with Chinese models is very difficult, the expert believes.^[1]

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