Yandex.Money’s 46 million users may now enjoy personalized analysis and advice to optimize their expenses and savings. The Russian e-payment company has integrated to its e-wallet mobile app a personalized financial management (PFM) service provided by American Moven Enterprise.
This real-time application uses artificial intelligence to provide people with a “financial wellness” experience and “help [them] live smarter,” according to Moven CEO Marek Forysiak.
Yandex.Money claims to be the first Russian e-wallet to bring a PFM service to its users. It has been made available in Yandex.Money’s Android and iOS versions.
“Yandex.Money is no longer just an electronic wallet, as we offer options familiar to bank customers such as money transfers, card issuance, cashback, payment for various goods and services. We also offer users the opportunity to choose the app design theme, make investments, and now effectively control the way they make use of their money,” said Yandex.Money CEO Ivan Glazachev.
Russian state money for US fintech firm
Among Moven’s investors are funds with Russian background. These include LifeSreda, a mobile and fintech fund launched initially in Russia, and SBT Ventures, the venture arm of Russian state-owned bank Sberbank. The latter, which is the largest banking institution, is also the majority shareholder of Yandex.Money with a 75% stake (the remaining 25% being held by Yandex, the Russian search giant).
Yandex.Money’s partnership with Moven is independent from these shareholder structures, according to Oksana Sherr of the Yandex.Money press office.
“While making our decision, we compared five different PFM providers, taking into account their functionalites and costs. Our choice was determined by these parameters, we didn’t feel any shareholder pressure,” Sherr wrote in an exchange with East-West Digital News.
US smartwatch for Russian cashless payments
Almost simultaneously, Yandex.Money introduced Garmin Pay to its users, connecting its payment cards to Garmin smartwatches. Yandex.Money users were already familiar with Apple Pay, Garmin Pay, Google Pay and Samsung Pay.
A major multinational US tech company, Garmin specializes in GPS technology for automotive, aviation, marine, outdoor, and sport activities. It has branded stores in two dozen Russian cities, and contactless payment partnerships with a range of Russian banks.
According to Yandex.Money, contactless payments are gaining strong traction in Russia, “with 43% of Yandex.Money users preferring this payment method.” Approximately 20% of offline payments are made with tokenized cards via smartphones and smartwatches, notes the payment company, with an average purchase value of 556 rubles in Moscow and 457 rubles across Russia (respectively $8.3 and $6.8 at the current exchange rate).
