Payment & banking technologies

Sberbank invests in PayZakat, a payment system that helps Muslims collect alms

November 12, 2020

Sberbank, the state-controlled financial giant in Russia, is going to acquire 25% stake in PayZakat, the bank stated without disclosing the financial details of the deal.  This Moscow-based startup has developed a payment platform to help Muslim users collect obligatory and voluntary alms. With the help of PayZakat’s bots in social networks, Muslim users can calculate their …

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How international solution providers reshape today’s global payment ecosystem

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 first article by ThePaypers is an analysis of the global landscape of solution providers, which highlights the salient differences that currently exist between them. …

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Visa launches cash withdrawal pilot project in Russia

July 13, 2019

“Visa announces technical implementation of cash withdrawal services at cash registers at trade and service enterprises in Russia. The service is currently being tested as a pilot in partnership with Russia’s The Parmesan retail chain and the Agricultural Bank,” the company said. The plans for the payment system include making the service available throughout the …

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Up to 15% of online purchases in Russia are made on credit

July 13, 2019

Yandex.Checkout, the B2B branch of Yandex.Money, recently released a study about online sales on credit in Russia. The research is based on the data collected by the company itself, following the launch of  its ‘Payments in installments‘ offer in March 2018. The key findings of the study are as follows: Most concerned product or service categories Electronic …

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New online bank to serve cross-border transactions from and to Russia

July 13, 2019

Bank 131, a new digital bank focused on Russian companies and entrepreneurs that work for global Internet companies and/or buy from global e-commerce companies with a Russia presence, announced today they have received their banking license from authorities – the first and only new bank to do so in four years.  Bank 131’s mission is …

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BRICS countries could launch integrated payment system

March 13, 2019

Brazil, Russia, India, China and South Africa are currently developing a common payment system designed to be used from any of the five countries with their local currencies. The Russian newspaper Izvestia has described some details of this project based on exchanges with representatives of the Russian sovereign fund RDIF and the Russian Bank Association, …

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Ingenico’s new solution aims to process cross-border payments from Russia more easily

July 13, 2019

Last month Ingenico Group, a global leader in seamless payment, launched a domestic processing and cross-border settlement offer to make easier international payments involving Russian online consumers. The offer is intended for international merchants without a Russian legal entity to avoid the cross-border transaction fees that are imposed by acquiring banks outside of Russia. As …

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Major Russian bank patents multi-issuer blockchain system

January 25, 2019

VTB, a major Russian bank, announced yesterday that it has obtained “a patent for a multi-issuer payment system based on blockchain technology.” The bank claims it is “the first case of a bank patenting its intellectual property” in this field. VTB aims to use this technology to “develop digital products, services and payment instruments to …

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In Russian supermarkets, consumers can settle purchases with their fingerprint

January 16, 2019

In what could be a world’s first, Azbuka Vkusa, a major grocery chain with more than 170 outlets across Russia, and its partner Sberbank, the state-owned banking giant, have launched what they call a “perfect fingerprint payment service.” The service is not entirely new: so far, the chain’s customers could use fingerprints to pay from …

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Eurasian Economic Union considers launching digital currency in response to Western sanctions

December 28, 2018

The member states of the Eurasian Economic Union (EAEU) – Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia – are considering creating a digital currency in 2020 or 2021, the Russian deputy finance minister Alexei Moiseev stated last week. Such a move is “inevitable,” the TASS news agency quoted Moiseev as saying, because of increasing difficulties in trade and …

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Huawei Pay launches in Russia, second country after China

December 27, 2018

After similar moves by Apple, Samsung  and Google in 2016-17 and WeChat just weeks ago, Huawei announced last week the launch of its contactless payment service in Russia. Huawei Pay defines itself as “a mobile payment and digital wallet service that digitizes and can replace a credit or debit card” at contactless-capable payment terminals. The service is accessible only via …

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Ozon launches user-to-supplier loan platform

July 13, 2019

Ozon.ru, a leading Russian online retailer, is testing a service that will allow customers to grant loans to small and medium businesses among Ozon’s 2,000+ suppliers. The new service, dubbed ‘Ozon.Invest,’ was presented on December 21. It will start operating “in the beginning of 2019,” according to its website. As reported by the business daily …

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