Alternative Payment Solution: Yandex.Money
Yandex.Money is one of the most popular payment solutions in Russia. It was launched in July 2002 as a joint venture between Yandex and PayCash Group, before Yandex later became the sole owner. However, in July 2013 Yandex sold a 75% stake in Yandex.Money to Sberbank, and is now the minority stakeholder in the joint venture.
Yandex.Money allows users to make both online and offline payments as well as P2P fund transfers. It offers online checkout through Yandex.Checkout, allowing online merchants to accept payments via the Yandex.Money wallet and linked bank cards, as well as other payment options such as online banking, cash, and carrier billing. Alternatively, users can make payments by scanning the QR code on the merchant site via the Yandex.Money mobile app.
Users can make in-store payments by scanning QR codes, as well as make payments directly with physical Mastercard-branded Yandex.Money cards. Users can also add these cards to other wallets such as Apple Pay, Google Pay, and Samsung Pay to make contactless mobile payments via these wallets. In addition to payments, Yandex.Money offers P2P transfers through various transfer options.
Users can add funds to the wallet via payment cards, online banking, carrier billing, cash acceptance points, POS terminals, supported bank branches and ATMs, and post offices. The funds available in the wallet can also be withdrawn from partnered banks’ ATMs using Yandex.Money cards.
The report provides information and insights into alternative payment solution Yandex.Money, including -