Director of LWO Company on the “Oplati” System, IT Prospects Amid Coronavirus, and Financial Security

An e-wallet is something many Belarusians still find unfamiliar. Yet in practice, it can be far more convenient than traditional bank cards!

How exactly?
This question was answered on air during the program “Markov. Nothing Personal” by Oleg Kondratenko, Director of LWO and member of the Digital Economy Development Council.

Oleg Kondratenko:
“When you pay with a card, you need the card and a terminal. When you pay with the ‘Oplati’ system—you only need your phone, which is always in your pocket. If your card is in your pocket or wallet—something could happen to it. But once you transfer money to your phone, to an e-wallet, it becomes a different form of money—an extra layer of protection.”

Host Marat Markov asked whether e-wallets could protect against the numerous fraud schemes possible with bank cards.

Oleg Kondratenko:
“This type of fraud is simply impossible. With a card, you have a chip – and its capabilities are quite limited. A modern smartphone is like a high-powered computer from 10 years ago. We use the phone’s processing power as a computational tool to protect every transaction. It employs extremely advanced technologies that, thanks to Belarusian cryptography, provide a level of security fundamentally unattainable with cards. And all without fees.”

At the same time, the guest also emphasized that such a system would become not only a guarantee of the safety of Belarusians’ personal savings from fraudsters, but also one of the guarantees of the country’s financial sovereignty as a whole.

The domestic payment system “Oplati”: What are its advantages over international giants like Visa and Mastercard? How does it benefit individual Belarusians and Belarus as a whole?

For details, watch the program “Markov. Nothing Personal” on ONT.

O. Kondratenko
“Markov. Nothing Personal” on ONT