Payment & banking technologies

Russia suffers holiday retail nightmare as cash registers crash

December 21, 2017

Since this past July, Russian retailers have been required to use internet-connected registers which transmit sales data to the authorities to improve tax collection. But retailers were left counting the cost of a holiday-season glitch that may have caused billions of rubles in lost sales after the failure of some of these registers. “A retail nightmare came …

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Campbell Bethwaite of Redstone Capital: “Russian financial services, in terms of functionality and speed, are better than in many other markets”

December 5, 2017

Fintech is exploding in Russia, albeit from a very low base. bne IntelliNews editor-in-chief Ben Aris sat down with Campbell Bethwaite, the managing partner of Redstone Capital (recently renamed from Finteca) to talk about the sector and its prospects. Redstone is a holding company that has set up a number of fintech businesses in Russia that are seeing exponential …

Campbell Bethwaite of Redstone Capital: “Russian financial services, in terms of functionality and speed, are better than in many other markets” Read More

Sberbank carries out Russia’s first payment transaction using blockchain technology

November 30, 2017

Yesterday Sberbank, the national savings banks, announced the completion of “the first-ever pilot blockchain payment transaction in the Russian banking industry.” The transaction used the IBM Blockchain Platform on the basis of HyperLedger Fabric. Sberbank’s partners and participants in the pilot were mobile operator MegaFon and its R&D unit MegaLabs, Alfa-Bank, and IBM. Sberbank CIB, …

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Yandex.Money and Lukoil launch new app to make payments at gas stations easier

November 13, 2017

Last week Yandex.Money, a leading online payment service in Russia, released Yandex.Gas, a new application intended for drivers to pay for fuel remotely — without leaving their car and queueing at the cash register. Payment can be made with the Yandex.Money e-wallet or using a Mastercard bank card. Yandex.Money plans to expand the range of available payment …

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New report highlights latest global e-commerce and e-payment trends

November 2, 2017

The Paypers, an international industry resource, has just released the 8th edition of its “Online Payments and Ecommerce Market Guide,” addressing the most important trends in the global market. In today’s e-commerce and payment market, both merchants and PSPs need more balance between security and convenience for consumers, as well as implementation of omnichannel payments and …

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Sberbank joins Enterprise Ethereum Alliance

October 19, 2017

Earlier this week Sberbank, Russia’s national savings bank, announced its participation in the non-commercial alliance Enterprise Ethereum Alliance (EEA). The bank is the first Russian bank to become a member of the alliance. EEA was established in February 2017 to “connect Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts.”  Some …

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Russia aims to launch cryptocurrency ersatz

October 26, 2017

Last week, following a period of mixed signals from the authorities about cryptocurrencies, the Russian communications minister Nikolay Nikiforov said that President Vladimir Putin has officially endorsed a Russian cryptocurrency, the ‘CryptoRuble.’ “We’re launching CryptoRubles for one simple reason: if we do not, then after two months it will be done by our neighbors in …

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This app lets you buy more than 200 cryptocurrencies with a bank card

October 6, 2017

Cryptocurrencies aficionados have a variety of options to buy, store and sell their digital assets – but such operations become complicated when dealing with several currencies. There is now an app to address this issue. It has just been launched by Indacoin, a UK-based company backed by Russian business angels Stanislav Kosorukov, Sergey Merkukov and Alexey …

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Cryptocurrency ATMs spring up in Siberia

September 22, 2017

BBFpro, a Novosibirsk, Russia-based bitcoin selling company, has installed ten cryptocurrency ATMs in the city, as reported earlier this month by the Russian media based on company statements. To create the new terminals, the company has rewired traditional ATMs. These have been installed in beverage shops, where the rent is twice lower than in shopping …

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Russia plans to regulate cryptocurrencies like securities, says minister amid contradictory signals

September 14, 2017

In contrast with China, which has just banned ICOs, the Russian government plans to regulate cryptocurrencies like securities, Finance Minister Anton Siluanov told reporters on Friday last week. These statement marks a full reversal from his ministry’s proposal last year to punish people who use digital currencies with up to seven years in jail, notes Bloomberg. Contradictory …

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Russian authorities consider keeping Bitcoin away from the public

September 1, 2017

In a turn of events, Russia’s deputy minister of finance Alexey Moiseev has claimed bitcoin is akin to a high-risk “financial pyramid,” hence requiring tight regulation. The Ministry of Finance is in discussion with Russia’s central bank and the Moscow Stock Exchange about such regulation, said Moiseev in a TV interview with Russian channel Rossiya 24. The authorities …

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Russian banks look to a Blockchain future

December 24, 2018

Two months after President Vladimir Putin met the founder of ethereum — the world’s biggest cryptocurrency after bitcoin — a consortium of the country’s biggest banks has developed a distributed ledger dubbed Masterchain. This ledger uses a modified ethereum protocol while complying with national security standards, according to the country’s central bank-backed FinTech Association. The lenders, including Sberbank PJSC and VTB Group, are hoping that by adopting …

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