Payment & banking technologies

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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Sber and Visa launch data lab with AI supercomputer

October 16, 2020

Sber, the Russian state-controlled financial and tech giant, is teaming up with Visa to launch “Russia’s first Data Lab.” The partners intend to “use anonymized data to track changes in customer behavior and design the most customized offerings for all users of card products by applying artificial intelligence and machine learning tools.”  “The move is aimed at …

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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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Tinkoff, VTB and Sberbank top Russian bank digitalization ranking

September 30, 2020

The Skolkovo Foundation and VR_Bank have evaluated the digitalization level of the top 50 Russian banks in the first half of 2020. Tinkoff Bank – which has just agreed an acquisition deal with Yandex – became the leader and moved up one place compared to 2019. It is followed by state-controlled bank VTB, which moved …

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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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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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In Russia’s next-gen retail outlets, an “intellectual surveillance system” will replace cash and cashiers

May 26, 2020

Sberbank, the state-controlled finance and technology behemoth, Azbuka Vkusa, a leading grocery retail outlet network, and Visa have teamed up to launch “Russia’s first store fitted with computer vision solutions.” Located in the Moscow City business center, the ‘Take&Go’ store features an “intellectual surveillance system” which “constantly tracks the products on shelves.”  When entering the store, customers …

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Russian retailers test facial-payment technology, possible rollout in 2020

March 24, 2020

Russia is testing facial-payment technology at supermarkets and could roll it out on a large scale by the middle of the year. VTB, Russia’s second-largest lender, is testing the technology in the Lenta supermarket chain, the head of the bank’s digital division told Izvestia. Promsvyazbank, another Russian lender, is holding talks to launch the technology in …

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10 Russian online banking features that you probably don’t have

January 7, 2020

Private banks and credit cards appeared in Russia relatively recently – in the early 1990s after the collapse of the USSR. The local banking system developed from scratch, and didn’t have to depend on old software solutions, thus avoiding many of the intermediate development stages that more advanced economies had to go through. As a …

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What you need to know about Facebook’s Libra, the next-coming cryptocurrency giant

August 6, 2019

In association with leading international publications, East-West Digital News presents a series of expert analysis and thought leadership pieces to shed light on global e-commerce and e-payment trends and prospects. This article by ThePaypers offers an analysis of Facebook’s Libra project, its business goals, technical background and implications for users and the payment industry.  On …

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