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 …
Yandex Money launches new service for creating online stores Read More
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 …
Visa forecasts $50 million loss on moving processing to Russia Read More
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 …
Qiwi launches acceleration program and invests in 12 startups Read More
Russia’s economy is cash based, and its delivery networks are shaky. To drive growth in e-commerce, Ozon had to create a proprietary distribution system, a new logistics and customer service model, and a highly engaged team. At first I didn’t want to have anything to do with Ozon. I was coming up for partnership at …
Russian money-transfer service Zolotaya Korona (Golden Crown) has displaced Western Union as the most-popular option for sending money to Ukraine, according to Elena Makhaeva, who heads the department tasked with overseeing money-transfer services for the National Bank of Ukraine (NBU). Zolotaya Korona and Western Union together own more than half of the Ukrainian money-transfer market, with the …
Russia still dominates Ukraine’s money transfer market Read More
Twenty of the most innovative and influential leaders in the Bitcoin, payments and financial services worlds will be among the featured speakers at the inaugural Bitcoin Finance Conference and Expo (Bitfin 2014). The event will be held in Dublin on July 3 and 4 at the Royal Dublin Society in partnership with East West Digital News. …
Digital money conference to map the future of bitcoins in Dublin Read More
Finam, one of Russia’s most well-established financial groups, has teamed up with Skagit Investment, a Moscow-based IT investment company, to launch an international venture fund, christened FinSight Ventures, which aims to raise $50 million to $100 million. The news was reported last week by Russian business daily Kommersant based on exchanges with top executives from …
Visa and MasterCard will continue to operate in Russia, the companies’ representatives told journalists last week at the St. Petersburg International Economic Forum, following a meeting with Russia’s Deputy Prime Minister Igor Shuvalov and Minister of Finance Anton Siluanov. Visa and MasterCard executives had expressed concern about the consequences of new rules recently adopted by …
Visa and MasterCard to participate in Russia’s new national payment system Read More
TNS has conducted research on the popularity of electronic payment methods among Russian online shoppers of different age and demographic groups. Electronic currencies (such as Yandex Money, WebMoney, Qiwi Wallet and PayPal) rank among the three most popular electronic payment methods for the 12-55 year old age group. The survey found that 97% of respondents had …
TNS studies the popularity of electronic currencies in Russia Read More
On May 16, amendments to the Russian legislation on payments came into force with potentially far-reaching consequences for e-payment and e-commerce companies working with Russian customers – including those operating from abroad. The amendments, included in an “anti-terrorism” package adopted by the Russian parliament on May 5, make user identification mandatory for electronic payments in …
New legislation placing foreign payment service providers under the thumb of Russian regulators is so damaging to Visa and MasterCard that the two U.S. companies might be better off abandoning the Russian market, according to research by investment bank Morgan Stanley. Compliance with the new law will cost Visa and MasterCard at least $2.9 billion, …
Visa, MasterCard better off quitting Russia, Morgan Stanley says Read More
Last week Net Element, a NASDAQ-listed provider of mobile payment and value-added transactional service and solutions in Russia and in the United States, announced $11.2 million investment from a new investor, Cayman Invest SA. The $11.2 million raise, in exchange for a 15% stake, is part of a larger financing round totaling $30 million that Net Element plans to complete this …
Mobile payment and transaction processing provider Net Element raises $11.2 million Read More
