Yandex Money is a system of online payments and transfers. All payments are in Russian rubles and can be carried out using Windows, Android and iOS on PC, smartphones, and any other mobile device.
The story of Yandex Money
Yandex Money counts its history from July 24, 2002, at first as a partnership between Yandex (which had a large client outreach) and the company PayCash, which was responsible for the tech realization. The project’s license to carry out real-time payments was issued on November 14, 2002.
At first users needed to install special software to pay with Yandex Money. Finally, in 2005 a more straightforward payment system was released, and it became possible to pay for Skype services in Russia.
In March 2007, PayCash bought out of the project, and Yandex Money began to function independently. The release of $1-2 million worth of shares allowed transforming Yandex Money, Ltd into Yandex Money Payment System, Ltd. Since 2005, the company headed by Yevgeniya Zavalishina, who continued as CEO until March 2014.
In 2015, Development Director Maria Gracheva took CEO position over.
Yandex Money – history and milestones
Once Yandex Money reached a new level and could ensure uninterrupted payment transactions, the company established partnerships with such leading banks as Sberbank, Alfa Bank, and VTB24. Online tools for fast money transfers from bank cards into Yandex wallets were released.
The first such tool launched back in 2008 in partnership with the bank Otkrytiye. Next, Yandex Money made it possible for users to top up their wallets using ATM machines, specially designed terminals, cash counters, and online banking sites. These features relied on partnerships with Alt-Telekom, Evroset, Svyaznoi, Russian Post, and other large companies. In the same period, Yandex Money developed a series of tools for paying taxes, fines, and invoices.
Next step, the company focused on building a mobile app and attracting overseas customers.
In February 2011, it became possible to link one’s bank card to a Yandex wallet and carry out payments straight from the card.
The company also had an active charity program and even developed a social media app for this purpose. In 2012, the Russian Central Bank provided it with a non-profit permit, designating the company as a non-banking credit institution.
Unique features of Yandex Money
The explosive development of Internet services and online payment system gave rise to a large range of electronic money transfer & processing services. Yet, Yandex Money is different from most of them in several ways:
- All payments are carried out in Russian rubles;
- Special protection codes are available to make payments secure;
- The full range of transactions is available only to Russian citizens;
- Low fees and even zero fees for a selected range of transactions.
Nowadays, the company offers a truly vast range of features, such as:
- state services payments
- municipal services
- paying for purchases via special terminals by Yandex
- NFC device interactions.
Since 2015, Yandex money issues personal Credit Card with MasterCard World logo, that allow users to pay virtually anywhere in the world.
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