The Spring of Russian E-commerce - An exclusive global perspectives series

Category: Payments

ATM skimming on the rise

By Michael Hartleben, Egorov Puginsky Afanasiev and Partners / May 17, 2012

The number of ATM skimming crimes in Russia shoot up ninefold to 362 in Q1 of 2012 compared to only 40 in Q1 of 2011, reports the Russian Europay Members Association (REMA). Such rapid rise in skimming crimes comes somewhat expected as the numbers for Q4 of 2011 (184) were up by 460% already. This information is based on data provided by the REMA’s 20 largest banks, which control approximately 90% of all 184,000 ATMs in Russia.

ATM skimming is a type of fraud, where a victim’s bank card information is electronically recorded while the victim uses an ATM machine. The collected information is then transferred onto a fake bank card, which is either used by the perpetrator or sold on for profit to a third party.

Yandex e-currency teams up with MasterCard to issue new payment card

By Adrien Henni, East-West Digital News / Apr 18, 2012

The Russian search giant Yandex yesterday announced a new step toward integrating its electronic currency, Yandex.Dengi – which translates as Yandex.Money – with bank systems. Users of this virtual currency can now obtain a MasterCard debit card tied to their Yandex.Dengi account and make payments using funds from Yandex.Dengi.

The co-branded card can be used worldwide online and offline, wherever MasterCard is accepted. In addition, authenticated Yandex.Dengi users can withdraw cash from ATMs using a PIN code available upon request.

PayPal in talks with Russian Post, co-branded payment card considered

By Adrien Henni, East-West Digital News / Mar 30, 2012

PayPal has held discussions with the Russian Post to prepare its entry on the local market, Russian business daily Kommersant reported earlier this week. Beyond the launch of the international virtual currency on the Russian market, a co-branded payment card is being considered, which could be replenished from PayPal accounts and used to settle purchases, to withdraw cash from ATMs, and to pay for parcel items delivered by postal mail.

The discussions were confirmed by the Russian Post, but PayPal declined to confirm or comment on them.

Contactless payments take their first steps in Russia

By Elena Mikhaylova, Adrien Henni, East-West Digital News / Mar 30, 2012

On Wednesday, Vimpelcom, a major Russian mobile operator, announced it will deploy the NFC-based contactless payment system it implemented in St. Petersburg last year within the Moscow subway. Widespread commercial launch in Moscow is scheduled for the end of the year.

While most offline and online purchases made in Russia are still paid in cash, contactless payment experiments have been flourishing in several Russian cities over the last two years. Last October, Megafon, another leading operator, also launched NFC payments in the St. Petersburg subway, in addition to using the system for loyalty programs with several local banks and retailers.

Teamo.ru attracts Japanese money, prepares recurring billing system

By Adrien Henni, East-West Digital News / Mar 02, 2012

The Russian matchmaking service Teamo.ru completed a new round of investment earlier this week with a Japanese venture fund operating in Russia, UMJ Russia. While no details have been disclosed as to the amount involved or Teamo’s valuation, the deal brings total investment to date in the Russian service to more than $2 million.

Unlike traditional online dating services, Teamo.ru offers comprehensive personality and compatibility tests to enhance matchmaking compatibility and foster serious relationships – a concept developed in the West by such players as eHarmony.com in the US and Meetic’s Affinity in Europe.

Yandex e-currency enables fund transfers to Visa and MasterCard accounts

By East-West Digital News / Feb 17, 2012

The users of Yandex.Dengi, which translates to Yandex.Money, can now transfer funds from their Yandex electronic currency accounts to any bank account with a Visa or MasterCard card. Funds can be transferred to the user’s own account or to any other account of their choice, the Russian search giant Yandex announced last week.

Russia’s “Big Three” mobile operators join forces to develop m-commerce

By Adrien Henni, East-West Digital News / Jan 30, 2012

Russia’s three leading mobile operators, Megafon, MTS and Vimpelcom, announced last week they will provide their subscribers with full common access to their respective mobile payment systems.

Over the last two years, Russian mobile operators have developed and diversified their mobile payment systems far beyond traditional premium SMS. The ‘Easy Payment’ of MTS, ‘Mobile Payment’ and ‘Ruru’ of Vimpelcom, as well as ‘Mobile Payments’ of Megafon, have become popular means of paying for a wide range of services – from mobile and fixed line telephone bills to cable TV, utilities, air and train tickets as well as goods from some e-commerce sites – using mobile phones.

Vrublevsky freed after 6 months in jail

By Elena Mikhaylova, East-West Digital News / Dec 30, 2011

Pavel Vrublevsky was released last week after spending 6 months in Lefortovo prison in Moscow, following his arrest in June of 2011 for organizing a distributed denial-of-service (DDoS) attack on the website of Assist, a competitor of his company, Chronopay.

A leading Russian online payment processing company, Chronopay processes almost half of all Visa and MasterCard online transactions in Russia and partners with such companies as Britain’s MoneyBookers, Spain’s Caixa Catalunya, the Deutsche Bank subsidiary Pago, and China’s Alipay.

Rostelecom, Sitronics and Mastercard issue first bank card with e-government access

By East-West Digital News / Dec 19, 2011

Russia’s national telecommunication operator Rostelecom and Bank Saint Petersburg announced last Thursday the issue of their first co-branded bank cards with microchips containing the electronic signature of the cardholder. Certified by the FSB, Russia’s Federal Security Service, the cards are being produced in partnership with Mastercard and Sitronics, the largest producer of microelectronic devices in the country.

Megafon and Visa present new virtual payment card

By East-West Digital News / Dec 19, 2011

Major Russian mobile operator Megafon and global payment card giant Visa presented the Megafon-Visa Online Card last week. Megafon subscribers need only send an SMS request to receive the virtual card, which allows them to pay for any goods or services offered online using the money available on their mobile account.

Category: Payments

ATM skimming on the rise

Yandex e-currency teams up with MasterCard to issue new payment card

PayPal in talks with Russian Post, co-branded payment card considered

Contactless payments take their first steps in Russia

Teamo.ru attracts Japanese money, prepares recurring billing system

Yandex e-currency enables fund transfers to Visa and MasterCard accounts

Russia’s “Big Three” mobile operators join forces to develop m-commerce

Vrublevsky freed after 6 months in jail

Rostelecom, Sitronics and Mastercard issue first bank card with e-government access

Megafon and Visa present new virtual payment card

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