Fintech

Visa to lose up to $70 million to relocate transaction processing to Russia; national payment system set for completion by March 2015

November 5, 2014

Visa could lose up to $70 million in 2015 while relocating its transaction processing to Russia, news agency Interfax reported last week. “We expect to lose a part of revenues of approximately $50 million by the end of the fiscal year [Sept. 30],” Visa’s CEO, Charles Scharf, was quoted by Interfax as saying in a telephone conference. That number will likely increase to $70 million over …

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Online Payments Market Guide 2014: A complete overview of the global payment scene

November 5, 2014

ThePaypers, an international online publication on the payment industry, has just released its “Online Payments Market Guide 2014,” the fifth edition of the yearly guide that provides fascinating insights into the global e-payments and e-commerce ecosystems. This year’s edition provides a comprehensive overview of the global e-payments landscape. Alongside ongoing market trends, developments and case studies, voices from …

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Nintendo starts selling games as digital download codes through Yandex.Money

October 1, 2014

Moscow – Two years after Nintendo eShop opened for Russian users, Nintendo made an additional step today by launching the digital distribution of its games through Yandex.Money. Starting today users from Russia and the CIS have the possibility to buy games for Nintendo 3DS and Wii U on Nintendo’s dedicated games section on Yandex.Money as digital …

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Mobile banking botnet creator arrested for the first time in Russia

September 18, 2014

Global Internet security company Group-IB has assisted the Directorate K of the Russian Ministry of Internal Affairs to investigate and suppress the activities of a criminal group that specialized in stealing funds from the bank accounts of individuals. Towards the end of 2013, the security service of Sberbank detected a cyber-attack on owners of Android …

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Russian payment operator Cyberplat offers alternative to SWIFT for domestic transactions

September 11, 2014

Cyberplat, a major operator of cash and electronic payment services, has a product ready that can serve as a functional analog of the global interbank financial notification exchange system SWIFT for domestic operations. Cyberplat sent information about its product, CyberFT, to almost 300 Russian banks, reported Russian tech publication CNews.ru.

Russian subsidiary of Poland’s Asseco launches division in Crimea to serve local banking sector

August 26, 2014

Banking and finance software developer R-Style Softlab, based in Russia and owned by Polish company Asseco, is opening a new division in Crimea. Its office will be in Sevastopol. The department will specialise in software development for the banking sector, particularly banks located within Crimea and nearby regions. The company expects that by the end of the …

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UnionPay and JCB to spearhead Asian payment push in Russia

August 22, 2014

While Russia is shifting a part of its business focus from Western countries to alternative partners, Asian bank card giants UnionPay and JCB have expanded initiatives to conquer the Russian market. China’s UnionPay, which entered the market in 2007, claims to be accepted by over 100,000 POS terminals and more than 30,000 ATMs in Russia, …

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Vkontakte co-founder Lev Leviev invests in Bitcoin analytics platform BlockTrail

May 2, 2019

BlockTrail is a new platform for bitcoin analytics launched today by Amsterdam-based researchers BlockCorp. It has secured €500,000 ($669,310) in funding from BlockCorp, which was set up by entrepreneur Boaz Bechar and VKontakte co-founder Lev Leviev. Competing with Blockchain.info and Blockr, the platform hopes to surface information about cryptocurrency transactions by creating dedicated tools for the analysis …

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Yandex Money launches new service for creating online stores

August 11, 2014

Yandex Money and Simtech have launched Merchium, a cloud service which will enable anyone to create their own online store. The service, which uses the e-commerce software CS-Cart, will provide users with all the necessary features of any online store, such as a catalogue and shopping basket. The companies have stated that the creation and hosting …

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Visa forecasts $50 million loss on moving processing to Russia

July 25, 2014

The law requiring international payment systems to move processing to Russia in order to avoid paying a substantial security deposit will cost Visa $50 million in revenue, the management of the U.S. company said in a conference call on its quarterly report. Management said Visa is continuing to work with the Russian authorities and banks …

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Qiwi launches acceleration program and invests in 12 startups

July 17, 2014

The investment arm of QIWI, the Russian payment giant, has injected $700,000 into 12 startups selected for the QIWI Universe acceleration program, hosted by Moscow State University’s business incubator. According to the company’s press release, over 500 applications were received out of which eight pre-seed stage and four more mature projects were chosen. Among the finalists …

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