E-Payment

Russian tip automation startup acquired by major bank 18 months after launch

March 17, 2021

Alfa-Bank is in the process of acquiring Netmonet, a startup that uses QR codes to automate tips in restaurants, cafés and beauty salons. In an agreement signed last month, the Russian lender is committed to acquire the company fully for an undisclosed amount.  Forbes Russia has estimated Netmonet’s valuation at approximately $4 million — a sizeable amount …

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Tinkoff launches online-offline payment service

February 18, 2021

Russia’s digital banking leader Tinkoff announced today the launch of an online and offline payment service for legal entities. Dubbed ‘Tinkoff Checkout,’ the service will operate “as a one-stop shop [for] companies to take care of all of their online and offline financial needs in one place.” The service will allow businesses to accept online payments, provide …

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Mail.ru Group, Alipay, USM, MegaFon and RDIF team up to develop payment and financial services

February 16, 2021

On Feb. 12 Alipay owner Ant Group, LSE-listed Mail.ru Group, mobile operator MegaFon, sovereign fund RDIF and Alisher Usmanov’s holding USM signed binding agreements to create a payments joint venture (PJV) and a financial services joint venture (FSJV). The deals, which follow an October 2019 non-binding agreement, are still subject to “a number of conditions including third …

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A challenge to Apple Pay: Yandex reportedly developing contactless payment service

February 11, 2021

Yandex plans to launch a contactless payment service, challenging Apple Pay, the leader on the Russian market in this segment, as reported by VTimes. According to an internal document seen by VTimes, the users of ‘Yandex Pay’ will be able to save their bank details in the system to settle purchases.  In an exchange with …

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Moscow Metro launches contactless instant payment service with support from Google and Mastercard

December 23, 2020

Moscow Metro has partnered with VTB, a leading Russian financial institution, and Google to launch a new payment service.  Users with the Google Pay payment service and a Mastercard card can now instantly pay for their metro ride: they just need to hold their smartphone above the reader at the turnstiles.  In the near future, the new …

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Now fully owned by Sber, Yandex.Checkout rebrands to ‘YooMoney’

November 19, 2020

Yandex.Checkout, a leading Russian payment service provider, is going to run its international operations – essentially in cross-border B2C payment operations – under a new brand, ‘YooMoney.’ The company says the transition will be completed by mid-December, 2020.  As for domestic operations, they are now run under brand of ‘YooKassa.’ These changes are coming as …

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Russia among top 5 countries for transition to cashless payments during pandemic

October 20, 2020

According to BCG report Global Payments 2020: Fast Forward into the Future, Russia is among the five world leaders in terms of speed for the transition to non-cash payments during the Covid-19 pandemic. Analysts calculated the net change in consumer cash payments, based on the proportion of consumers who used cash more frequently during the …

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“Big Brother is feeding you:” Sber collects biometric data from school canteens to cafe chains

October 12, 2020

Sberbank — the state-controlled giant which recently unveiled a suite of new technology products and dropped the word ‘bank’ from its corporate branding — is compiling a database of Russian citizens’ biometric information. Little is known about how the project is progressing, but online publication The Bell believes it could potentially concern some 100 million users of …

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Moscow Metro to introduce facial payment technology

November 12, 2020

Commuters in Moscow will soon be able to take a ride on the metro with just a turn of their heads, as the Russian capital embraces next-generation facial payment technology. At least one turnstile at each metro station will be equipped with the contactless facial recognition technology as soon as next spring, Moscow authorities say. The system, which …

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What links Russia to Germany’s Wirecard scandal

August 25, 2020

One of the main figures in the collapse of German payment firm Wirecard, chief operating officer Jan Marsalek, is reportedly hiding somewhere near Moscow. Russian online publication The Bell looked at Wirecard’s connections with Russia, and why Marsalek visited the country over 60 times in a decade. The reason for Marsalek’s trips was a search for banks …

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While divorcing with Sberbank, Yandex raises $1 billion to finance e-commerce projects

July 9, 2020

Major changes took place in late June on the Russian e-commerce and e-payment scenes. Yandex, the Russian Internet major, and Sberbank, the state-controlled financial and technology giant, announced an agreement “to reorganize their two joint ventures” – Yandex.Market and Yandex.Money.  In plain language, this is a divorce. Yandex is to own entirely the e-commerce platform …

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Kaspersky researchers found a new fraudulent technique that steals online payment details

June 23, 2020

Kaspersky researchers have uncovered a new technique for stealing users’ payment information on online shopping websites, dubbed web skimming.  By registering for Google Analytics accounts and injecting these accounts’ tracking code into the websites’ source code, attackers can collect users’ credit card details. Web skimming is a popular practice used by attackers to steal users’ credit …

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