VK Pay: what is it

What is VK Pay

VKontakte has long used its own payment service, available to all users. Initially, it was possible to buy "votes." These were the internal currency of the social network used to pay for apps. In 2016, the functionality expanded, features for selling goods in communities appeared, and about a year later, a money transfer service was launched. News that the social network was preparing to launch a full-fledged payment system emerged in 2018.

Now VK Pay is rapidly developing this idea and offering its users more additional features. Through the system, social network users can receive and send transfers, pay for community goods, and make purchases at partner stores. Each user can use their account in the system as an electronic wallet by linking a bank card to it. 

Note that the new payment system was developed in partnership with Gazprombank, the mobile operator MegaFon, and the state corporation Rostec.

The goal of such a program is the development and implementation of various projects and systems in the field of e-commerce. Despite high achievements, VKontakte developers do not plan to stop; they intend to continue developing their payment system. It is likely that in the future, their own marketplace will be launched, offering various services and goods from a wide variety of communities and partner companies. Users will be able to accept payments in VK Pay using an internet acquiring system. Most likely, additional bonuses for users will be introduced. 

VK Pay is an electronic payment system designed for personal use by every user registered on VKontakte whose activities are not related to entrepreneurship. Depending on the status, a user can have two types of accounts: basic and extended, which changes the list of permitted options. In the future, a premium account will likely be added, as in most popular payment systems.

The service was created so that users could save money when paying for services and goods by using digital payment solutions and modern financial services. For the system itself, this is a way to further integrate into partner networks and earn a percentage from completed transactions.

Capabilities of the VK Pay service

VK Pay is an electronic wallet linked to a VKontakte page. It allows you to manage the money in your account directly on the site. To top up the account, you can use a regular payment card or top it up with cash. To ensure transfers from cards to the account are as fast as possible, you need to link your card to the wallet. Otherwise, the wallet is used to facilitate transfers within the system without commissions or overpayments. In the summer of 2021, VK Pay offered users the ability to open a free virtual card with various bonuses. It can be used for making purchases and for savings.

Advantages of using the card:

• 2% cashback on any purchases and 5% on purchases from partners; there is no limit on earning bonuses;
• free maintenance;
• instant account opening;
• the possibility of interest-free installments with equal payments for a period of up to four months for installment amounts up to 300,000 RUB;
• bonuses can be used to pay for up to 20% of the cost of goods and services in the partner network;
• bonus offers and discounts are constantly available to cardholders;
• users are provided with 24/7 support, and their account is protected by a two-step security system;
• bonuses and cashback from VK Pay are cumulative with bonuses provided by partners.

The VK Pay system allows you to:

• buy clothes, goods, and food;
• pay for donations in paid games;
• buy tickets;
• pay for medical consultations and order medicines from pharmacies;
• pay for television, internet, and mobile services;
• pay fines and taxes;
• buy VKontakte "votes."

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How to register a VK Pay wallet

Any user with a VKontakte account can register in the system. In the social network menu located on the left side of the page, there is a VK Pay item; you need to select it to go to the wallet creation page.

If this item is not displayed, you should go to the social network settings and click on the link "configure menu item display." Then VK Pay will be available in the "games and apps" section. 

To create a regular wallet, it is enough to come up with a PIN code. It is necessary for logging into the electronic wallet and confirming transactions. The desired code must be entered twice, after which the wallet will be available for use. However, options will be limited; for example, the user will not be able to withdraw money or send transfers. To unlock this feature, you will have to provide personal data. To do this, the user will have to fill out a profile and provide passport details.

Do not worry; the company ensures reliable security of personal data and does not transfer it to third parties. After entering the information and verifying it, all electronic wallet functions will be available.

Difference between basic and extended profiles

If the account type is basic, the user can store up to 15,000 RUB in the wallet. There is a monthly spending limit of no more than 40,000 RUB. Withdrawal to a card is prohibited. The functionality of the electronic wallet is limited to topping up, payments and transfers within the system, and paying for mobile services, fines, and goods.

The extended electronic wallet is more functional. The user can store up to 60,000 RUB in it and withdraw up to 200,000 RUB per month. Withdrawing funds to a card is also possible within the limit. The user can top up, make transfers to cards and accounts, make payments within the service and on the websites of various foreign companies, pay for mobile services, fines, and buy various goods, as well as make transfers using the Faster Payments System.

The features of a premium account will be broader. It will be possible to store up to 600,000 RUB in the wallet.

VK Pay tariffs

Immediately after the launch of the payment system, all transfers and payments were absolutely free. This is a good saving for those who decided to choose the service for withdrawing money from other electronic wallets to a linked card.

 Starting from January 2020, the following tariffs apply in the system:

• no commission is charged for topping up the wallet;
• Also, there is no commission for transfers within the system;
• there is no commission when paying for goods and services to legal entities;
• transfers to various cards, including linked ones, are subject to a 3% commission of the amount, but not less than 50 RUB;
• transfers via the Fast Payment System are made without commission, but not more than 3000 RUB per month. 

Different tariffs apply to the VK Pay card:

• there is no fee for opening or maintenance;
• transfers to pay for goods and services are made without commission;
• a 2% fee of the amount is charged for payment for services of financial institutions;
• one balance inquiry via ATM costs 13 RUB;
• the penalty for refusing a transaction made with the card is 3 000 RUB.

 The system does not provide for other commissions.

Pros and cons of the VK Pay service

The main advantages of the service include:

• no commissions within the system;
• cashback is provided for all expenses;
• the VK Pay card can be used to pay in regular stores; cashback will also be awarded for purchases;
• the system is constantly expanding, and its functionality is increasing;
• the VK Pay wallet can be topped up via partners and terminals;
• the list of partners offering discounts and bonuses to system users is constantly expanding;
• the system offers interest-free installment plans;
• transfers can be made using a generated code. 

Disadvantages of the service:

• the wallet can only be used through the VKontakte website;
• there is a commission for withdrawal to a card;
• to get broad functionality, you need to provide passport details;
• VK accounts are often hacked, which threatens the safety of funds;
• the service has limits on transactions even for clients with a confirmed account;
• the service is available only to residents of the Russian Federation;
• the wallet is not suitable for making large purchases;
• bonuses can be used to pay no more than 20% of the cost of goods;
• accumulated bonuses expire if you do not use part of them within 91 days.

 Keep in mind that you should not transfer large amounts to the VK Pay wallet. This is because the reverse transfer will have to be made with a commission.

The service is quite beneficial for regular users of the social network who use VKontakte not only for communication but also for purchases. Currently, it is not fully developed and has some drawbacks. You should not consider VK Pay as your main payment method; it is much more profitable to use a regular bank card.