Payments

Tinkoff bank offers credits for Russians’ cross-border online purchases

November 26, 2013

Cross-border sales operator ViPoint.ru has announced a partnership with Kupivkredit, a subsidiary of the Tinkoff Credit Systems bank, that will allow its Russian customers to purchase goods from US online retailers on credit. Credit amounts will range from 3,000 rubles (a little less than $100) to 200,000 rubles ($6,000). This initiative is presented as the first …

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Russian team wins PayPal Battle Hack and a $100,000 prize

November 21, 2013

Last week, a team of four Russian programmers won the 2013 international PayPal Battle Hack, reported RIA Novosti. PayPal’s Battle Hack 2013 offered teams from Moscow, Berlin, Washington, London, New York, Tel Aviv, Seattle, Barcelona, Miami and Austin 24 hours to develop a completely new service that would be introduced by PayPal. The competition was held …

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Will design dethrone king cash in Russia?

November 11, 2013

The use of digital banking and electronic payments is expanding in many countries, as consumers embrace technology that facilitates financial services. Yet in Russia, people still cling to cash for most of their financial needs. In fact, more than 90 percent of all commodity purchases are in cash, according to the Bank of Russia, and …

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Tele2 Russia teams up with MasterCard to issue virtual international payment card

October 18, 2013

Tele2 Russia, a former subsidiary of the Swedish telco Tele2 which was acquired earlier this year by Russian bank VTB, has issued a virtual international payment card for online shopping in partnership with MasterCard. Connected to a Tele2 subscriber’s mobile account, the new payment instrument, named “Tele2 MasterCard virtual card,” lets online shoppers spend up …

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Runa Capital injects $2 million in mobile banking startup with global ambitions

October 3, 2013

Earlier this week RocketBank, a Moscow-based banking application startup, announced that it received $2 million in funding from Runa Capital, a Moscow-based fund operating internationally. RocketBank’s application, currently available only on iOS, allows users to complete money transfers that necessitate no bank details of a recipient, simply an e-mail address or e-wallet number – which the …

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QIWI President Boris Kim: “We target cash-based markets across the globe where consumers need convenient alternatives.”

October 1, 2013

Initially a network of cash collection machines, through which Russians pay for virtually everything from mobile phone bills, to online purchases, to fines, QIWI is now an international, NASDAQ-listed, multichannel payment operator working in close partnership with Visa. QIWI President Boris Kim shared with East-West Digital News his vision of the payment industry, which knows …

QIWI President Boris Kim: “We target cash-based markets across the globe where consumers need convenient alternatives.” Read More

PayPal launches in Russia while Russian e-currencies go global

July 6, 2015

Yesterday PayPal became available to Russian users for domestic operations with the ruble as its 26th currency. The international payment company started serving Russian users in 2006. So far, however, Russians could only use PayPal on foreign sites and via other currencies. Furthermore, they could not withdraw their money from PayPal account to Russian banks.

US game publisher Valve expands cash payment network throughout Russia and neighboring countries

September 18, 2013

Valve, the creators of a number of best-selling games, has selected Payelp Global, a subsidiary of St. Petersburg-based payment aggregator and solution provider Dengi Online, to help gamers from Russia and neighboring countries make purchases on game platform Steam. As cash is the primary method of payment in Russia and CIS countries, consumers use cash-in kiosks …

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Moscow startup Goodwin turns magazines, TV screens, and subway advertisements into supports for mobile commerce

September 9, 2013

While Russian retailers are experimenting increasingly with multichannel approaches, Goodwin, a Moscow-based startup that has just secured seed investment, is introducing a pioneering mobile commerce project. Inspired by the Amazon Flow concept, Goodwin lets smartphone owners buy products from “virtual storefronts” – which can be almost anything from an article in a magazine, to a …

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Leading international conference to highlight thriving bank card and payment industries in Russia and neighboring countries

September 5, 2013

On September 26-27 in Moscow, the Association of Regional Banks of Russia (ASROS) and Finance Media will organize the 8th annual “Bank Cards and Payment Technologies 2013” conference in partnership with East-West Digital News. For the past seven years, the conference has asserted itself as a leading event on the bank card business and non-cash payment …

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PayPal to integrate rubles as its 26th currency

August 28, 2013

Earlier this month Vladimir Malugin, PayPal’s regional director for Russia, announced the addition of the ruble as an official PayPal currency. Starting from mid-September Russian users of PayPal will thus be able to pay for purchases in stores, accept payments, transfer money to other users’ accounts, and withdraw money from bank accounts in the Russian national currency. …

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Russian software developer to help Palestine introduce electronic money

November 19, 2014

BPC Banking Technologies, a software-developing multinational headquartered in Russia, has been contracted to help the Palestinian administration deliver on its ambitious plan for the creation of a  national payment system and the eventual adoption of a national currency. Last month, the Russian company won a tender organized by the Palestine Monetary Authority (PMA), the most …

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