Yandex.Money

Yandex.Money
Яндекс.Деньги
Electronic payment service
Founded 24 July 2002
Key people
 Maria Gracheva, CEO
Website https://money.yandex.ru/

Yandex.Money (Russian: Яндекс.Деньги) is Russia’s largest electronic payment service based on PayCash Platform.[1] It is provided by Yandex, the operator of the largest search engine in Russia. Yandex.Money was launched in 2002. In 2013, Russia’s Sberbank, one of the largest banks in Eastern Europe, bought a stake in Yandex.Money. Currently, Sberbank owns a 75 percent stake in the company, the remaining 25 percent is owned by Yandex.[2]

The company performs financial transactions in real time in Russian rubles allowing payments and money transfers to be made through the Internet. It It provides payment processing for e-commerce sites, including payments with bank cards, Yandex's electronic money, cash transactions via 170 000 payment terminals and mobile payments as well.[3] More than 76,000 online merchants, including such partners as Skype, AliExpress (Alibaba),[4] Apple (iTunes), Nintendo [5] and Wargaming, use the Yandex.Money payment solution for businesses in Russia and the CIS. The service works with all bank cards worldwide except for those issued in Canada and the United States.[6]

Yandex.Money also has its own user base, who use the service’s electronic wallets for various payments. Yandex.Money users can use their e-wallets for purchases online, to pay mobile phone and home utilities bills, to pay at gas stations, contribute to fundraising campaigns, etc. Customers can also use Yandex.Money cards as a form of payment: both plastic and virtual MasterCards are available for issuing.[7] As of December 2014, the system had over 20 million accounts. Over 12,000 new accounts are opened on the platform each day. Yandex.Money is often described as “the Russian PayPal”.[6]

According to a March 2014 public opinion survey, Yandex.Money is widely known in Russia.[8] In a survey conducted by TNS, 87 percent of Russians are familiar with the service, and 22 percent regularly use Yandex.Money to make payments.

The company’s headquarters are in Moscow, Russia. It has branch offices in St. Petersburg and Nizhny Novgorod. Maria Gracheva is Yandex.Money’s executive director. She became the head of the company on 18 March 2014.[9]

References

  1. ↑ "Online Wallets for All Yandex Users". Yandex Press.
  2. ↑ "Yandex and Sberbank Announce Joint Venture for Electronic-Money Solutions". Money.yandex.ru. Retrieved December 19, 2012.
  3. ↑ "AliExpress adds Yandex.Money as online payment option". The Paypers. Retrieved July 1, 2014.
  4. ↑ "Global Online Retail Marketplace AliExpress Now Accepting Yandex.Money". Internet Retailer. Retrieved July 16, 2014.
  5. ↑ "Nintendo starts selling digital games in Russia through Yandex". Venture Beat. Retrieved October 3, 2014.
  6. 1 2 "Russia's Yandex Money to Accept Foreign Bank Cards". Russia Briefing. Retrieved April 11, 2011.
  7. ↑ "Wix.com Partners With Yandex.Money to Support International Expansion Through Localized Payments". MarketWired. Retrieved March 5, 2014.
  8. ↑ "TNS studies the popularity of electronic currencies in Russia". EWDN. Retrieved May 29, 2014.
  9. ↑ "ePayments, interview to Maria Gracheva, brand new CEO of Yandex.Money". Broadband4Europe. Retrieved March 20, 2014.
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