Payment & banking technologies

Leading Russian mobile operators to pool efforts for NFC promotion

November 19, 2014

Russia’s leading mobile operators are considering jointly promoting the Near Field Communication (NFC) standards in Russia. To support the effort, the mobile giants envision establishing an alliance similar to such international NFC-focused industry unions as Oscar in the UK or ISIS in the U.S. In an interview with the Russian business daily Vedomosti, Alexander Popovsky, …

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Brilliant mobile payment startup raises $8 million but faces many unknowns

March 1, 2013

uBank, a mobile payment startup launched in late 2011, announced earlier this week an $8 million capital injection – its first round of funding – from Runa Capital, a Moscow-based venture fund that operates internationally. uBank’s valuation has not been disclosed, but its CMO Evgeniy Kozlov told East-West Digital News that the founders have kept a …

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From a cash economy to digital payments: Russia at the crossroads

October 7, 2015

Russia’s readiness for mobile commerce and the speed with which its mobile payments market has been developing have been hot topics for discussion of late. While optimists speak of the cell phone becoming an all-purpose payment terminal as a near-term prospect, skeptics point to Russians’ near-total mistrust of cashless transactions, the low accessibility of banking …

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Payment operator Qiwi to invest up to $1 million in Russian and foreign startups

January 23, 2013

Qiwi, a leading operator of cash payment terminals and electronic wallets operating in Russia and internationally, intends to invest in startups whose solutions could help the group develop its own offers. ‘Qiwi Venture’ will stand as a branch of the company, not a separate investment vehicle, Qiwi’s PR Director Alexandra Vysochkina said in an exchange …

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Online matchmaking industry consolidates: Teamo acquires Monamour

January 14, 2013

Matchmaking site Teamo.ru has taken full ownership of its main competitor, Monamour.ru, gaining undisputed leadership of this market segment in Russia. The transaction, which took place in December, was confirmed to East-West Digital News by Teamo Managing Director Vladimir Schmidt. Schmidt said it was a cash transaction, but declined to disclose further financial information.

InVenture and Almaz inject $2 million into Square clone 2can

December 31, 2012

Smartfin, a provider of mobile payment solutions in Russia, completed its $2 million Series A round of financing in mid-December. The startup, which operates under the brand ‘2can,’ has enjoyed the participation of Almaz Capital and InVenture, two major Russian venture funds, as well as of Cisco VP Bob Agee and other unnamed business angels. …

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Qiwi prepares for IPO

December 14, 2012

Qiwi, a leading Russian payment operator, has picked Credit Suisse and JPMorgan for a New York IPO which it plans for the middle of next year, Reuters learned from “three sources familiar with the matter.” The company plans to float between 25 and 30% of its shares while the IPO would value it at $1 …

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Square-like startup Life-Pay raises $2.6 million from Life.Sreda

December 11, 2012

Life-Pay, a startup that is developing smartphone-based bank card payment terminals, has secured $2.6 million from Life.Sreda at an undisclosed valuation. The news was reported yesterday by Unova.ru, a website covering startup and venture news. The funds will be used to reinforce the startup’s team, develop new products and penetrate new markets in the former …

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MobiDengi and MasterCard make virtual payment card available to Russian mobile subscribers

November 21, 2012

MobiDengi, a major Russian electronic payment service provider, has teamed up with MasterCard to launch ‘MasterCard*Card2Day,’ a pre-paid virtual card that enables online purchases worldwide. The card is available to any subscriber of Russia’s three main mobile operators: Beeline (a brand of Vimpelcom), Megafon, and MTS. A convenient feature of the MasterCard*Card2Day card is that …

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Visa and QIWI form strategic alliance to develop electronic payments

November 19, 2012

Moscow – Visa Inc. (NYSE:V) and QIWI Limited, a leading provider of payment services in Russia, have formed a strategic alliance to introduce a digital wallet that will enable consumers to access a wide variety of electronic payment options. The wallet builds on the existing, successful relationship between Visa and QIWI, the leading provider of …

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Russian Internet, telecom and bank giants experiment with Square-like payment systems

November 13, 2012

Last month, Yandex.Dengi (Yandex.Money), the electronic currency division of the Russian search giant Yandex, started testing a smartphone-based bank card payment terminal in Moscow taxis, in partnership with SellbyCell, a specialized solution provider. This new payment method, named ‘Yandex Kassa,’ is available to any Visa or MasterCard card holders, and does not require users to …

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