Russian neobank Tinkoff launches charity cashback tool
Tinkoff Bank, one of Russia’s first neobanks, has launched a tool which allows users to direct their cashback to charities.
“Cashback to Give Back”, aims to encourage more Russian consumers to donate to some of the countries’ largest causes.
“The first step saw us give our clients the opportunity to make donations directly via our ‘super app’”
The charity partners include WWF Russia, the foundation created by actor Konstantin Khabensky for early diagnostics of brain disease, and cancer charity Gift of Life.
Available on iOS, the feature will be available on Android devices by September.
How ‘Cashback to Give Back’ works
Users can make donations of up to RUB 9,000 ($122.62) each month to more than 300 of the bank’s partner charities.
Tinkoff’s ‘Rouble’ debit card gives users 1% cashback for every RUB 100 spent.
Users can then get 15% cashback on purchases made within certain categories, and up to 30% on purchases made at the bank’s partners.
Users can get cashback of up to RUB 3,000 on a single purchase.
Tinkoff Target, a separate cashback programme, lets retailers keep track of consumer behaviour and make personalised cashback offers.
This service can earn users up to RUB 6,000 back in cashback each month. Together, these schemes add up to the $122.62 – the monthly donation limit.
“The first step saw us give our clients the opportunity to make donations directly via our ‘super app’,” says Tickoff’s chairman, Oliver Hughes.
“As a result, the number of contributions Tinkoff customers made to charity doubled over the course of one year.”
Tinkoff’s ‘super app’
Owned by TCS, Tinkoff claims to serve more than 10 million customers and makes up the bulk of TCS’s business with a 13.2% share of Russia’s credit card market.
Last month, it launched a micro-investing service called ‘Investment Box’. The tool automatically invests small savings on everyday purchases into a portfolio.
Last August, the bank also launched a free social network for investors called Pulse. It allows users to meet traders, follow investors and share trading ideas.
Parent TCS reported that its net income rose 25% year-on-year to RUB 10.2 billion ($139 million) in the second quarter.
It claims to have acquired 1.7 million new credit accounts since the beginning of this year, as well as one million new brokerage accounts.
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It’s a great platform and very easy to use.
Our connections with everyday people in Russia have been broken. Art. Culture, ideas. science , friendships and more. Let’s find a way to reconnect during difficult times. #drewlieving