Payments

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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Mail.ru Group, Alipay, USM, MegaFon and RDIF team up to launch e-wallet JV

October 28, 2019

Earlier this month Alipay, Mail.ru Group, mobile operator MegaFon, sovereign fund RDIF and Alisher Usmanov’s holding USM agreed to create a joint venture focused on digital payment services in Russia. Their initiative is presented as being “part of efforts to promote financial inclusion” and “upgrade the country’s digital payment services.” The JV will integrate two existing …

Mail.ru Group, Alipay, USM, MegaFon and RDIF team up to launch e-wallet JV Read More

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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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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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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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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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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Yandex.Money adopts US personal finance management solution to “help people live smarter”

December 10, 2018

Yandex.Money’s 46 million users may now enjoy personalized analysis and advice to optimize their expenses and savings. The Russian e-payment company has integrated to its e-wallet mobile app a personalized financial management (PFM) service provided by American Moven Enterprise. This real-time application uses artificial intelligence to provide people with a “financial wellness” experience and “help …

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