Russia’s largest state-owned bank, Sberbank, has partnered with India’s credit management app, Cheq. The agreement will enable Russian tourists to make cashless payments to India.
An official statement from the bank said this move will further strengthen economic ties between the two countries in the mobile banking sector. According to Sberbank, the mobile app is available on both iOS and Android operating systems. Any Russian citizen with a passport and a valid Indian visa must register to use the app.
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According to an ET report, the bank further stated that to activate the wallet, Russian tourists will need to visit a partner agent in India. Appointments can be booked through the app. This service will be available in all major Indian cities. After activation, the wallet can be topped up through Sberbank Online.
Relief amid sanctions on Russia
Russian citizens are currently forced to carry cash. Experts say this initiative will be a major relief for Russian tourists who are unable to use Visa and MasterCard cards abroad due to international sanctions imposed after the Ukraine war. Until now, they had to carry large amounts of cash in many countries, including India, which was risky and inconvenient.
Economic experts believe that this partnership will not only enhance tourist convenience but will also give new dimensions to digital transactions and fintech cooperation between India and Russia.
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