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New law on payment systems favors mobile payments but tightens requirements for payment operators

New Federal legislation on payment systems was adopted by the Russian Duma on June 14 and signed into law by President Medvedev on June 27. The new law establishes the legal and organizational foundation for the country’s payment system and regulates the procedure for rendering payment services. The law recognizes four types of players who …

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VimpelCom positions itself on fast growing electronic payment market

VimpelCom, a major Russian mobile operator working under the Beeline brand, announced this week the creation of a new payment system named Ruru. The Ruru payment system, now accessible via the euphoniously named website Ruru.ru and on mobile devices using an Android application, allows users to pay for mobile phone or Internet accounts, train tickets …

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Cyberplat partners with Visa to replenish bank accounts with cash

Cyberplat announced yesterday that Visa cardholders in Russia can now replenish their bank accounts using Cyberplat’s cash payment terminals and ATMs. Cyberplat, a competitor of Qiwi, has the second largest payment teminal network in Russia and some of the other former Soviet republics, with over 480,000 machines. In order to replenish their account, users just …

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Microsoft to supply Sochi Olympics in 2014

Moscow – The Russian office of Microsoft Corporation has signed a supply agreement with the organizing committee of the 2014 Winter Olympics in Sochi, Microsoft reported in a recently published news release. Under the terms of the agreement, Microsoft will provide the organizers of the Olympics with software and services particularly for the technical infrastructure of …

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Multi-billion dollar investments, tech partnerships and easy visas announced at St. Petersburg International Economic Forum

St. Petersburg – Shoring up the slow and difficult transition in the Russian economy from gas and oil to a more knowledge driven paradigm, the St. Petersburg International Economic Forum held in the end of last week in Russia’s Northern capital was replete with innovation related declarations on a massive scale. Innovation was a central theme at the …

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MTS launches online payment system

MTS, a leading Russian mobile operator, has launched an online payment system allowing MasterCard and Visa cardholders to pay for hundreds of services both related and unrelated to their MTS mobile accounts.

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