E-Payment

In Russia’s next-gen retail outlets, an “intellectual surveillance system” will replace cash and cashiers

Sberbank, the state-controlled finance and technology behemoth, Azbuka Vkusa, a leading grocery retail outlet network, and Visa have teamed up to launch “Russia’s first store fitted with computer vision solutions.” Located in the Moscow City business center, the ‘Take&Go’ store features an “intellectual surveillance system” which “constantly tracks the products on shelves.”  When entering the store, customers …

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Russians urged to reject cash to slow coronavirus spread

Russia has urged consumers and businesses to use digital payments rather than cash in an effort to slow the spread of the coronavirus and told banks to limit ruble notes in circulation. Consumer safety watchdog Rospotrebnadzor this month encouraged Russians to move to cashless payments, citing World Health Organization guidelines stating that a virus can …

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Cross-border payments and commerce report 2019–2020

ThePaypers, a major online publication dedicated to the payments and related industries, has just released its ‘Cross-Border Payments and Commerce Report 2019 – 2020.’  Available for download free of charge, this 144-page document depicts the major trends driving growth in cross-border payments, cross-border commerce, and marketplaces. It is intended for international retailers, global shipping companies, …

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Mail.ru Group, Alipay, USM, MegaFon and RDIF team up to launch e-wallet JV

Earlier this month Alipay, Mail.ru Group, mobile operator MegaFon, sovereign fund RDIF and Alisher Usmanov’s holding USM agreed to create a joint venture focused on digital payment services in Russia. Their initiative is presented as being “part of efforts to promote financial inclusion” and “upgrade the country’s digital payment services.” The JV will integrate two existing …

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Electronic payments used overwhelmingly in Russia; contactless payments increasingly popular

Last week Mediascope (formerly known as TNS Russia) released a study on how the Russian population uses electronic payment means. Conducted in June and July 2019, the research involved 3,500 inhabitants from 12 to 55 years of age from large Russian cities (over 600,000 inhabitants). Mediascope has analyzed the evolutions since its previous study in …

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What you need to know about Facebook’s Libra, the next-coming cryptocurrency giant

In association with leading international publications, East-West Digital News presents a series of expert analysis and thought leadership pieces to shed light on global e-commerce and e-payment trends and prospects. This article by ThePaypers offers an analysis of Facebook’s Libra project, its business goals, technical background and implications for users and the payment industry.  On …

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Sberbank invests in PayZakat, a payment system that helps Muslims collect alms

Sberbank, the state-controlled financial giant in Russia, is going to acquire 25% stake in PayZakat, the bank stated without disclosing the financial details of the deal.  This Moscow-based startup has developed a payment platform to help Muslim users collect obligatory and voluntary alms. With the help of PayZakat’s bots in social networks, Muslim users can calculate their …

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How international solution providers reshape today’s global payment ecosystem

In association with leading international publications, East-West Digital News presents a series of expert analysis and thought leadership pieces to shed light on global e-commerce and e-payment trends and prospects. This first article by ThePaypers is an analysis of the global landscape of solution providers, which highlights the salient differences that currently exist between them. …

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Visa launches cash withdrawal pilot project in Russia

“Visa announces technical implementation of cash withdrawal services at cash registers at trade and service enterprises in Russia. The service is currently being tested as a pilot in partnership with Russia’s The Parmesan retail chain and the Agricultural Bank,” the company said. The plans for the payment system include making the service available throughout the …

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New online bank to serve cross-border transactions from and to Russia

Bank 131, a new digital bank focused on Russian companies and entrepreneurs that work for global Internet companies and/or buy from global e-commerce companies with a Russia presence, announced today they have received their banking license from authorities – the first and only new bank to do so in four years.  Bank 131’s mission is …

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BRICS countries could launch integrated payment system

Brazil, Russia, India, China and South Africa are currently developing a common payment system designed to be used from any of the five countries with their local currencies. The Russian newspaper Izvestia has described some details of this project based on exchanges with representatives of the Russian sovereign fund RDIF and the Russian Bank Association, …

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Ingenico’s new solution aims to process cross-border payments from Russia more easily

Last month Ingenico Group, a global leader in seamless payment, launched a domestic processing and cross-border settlement offer to make easier international payments involving Russian online consumers. The offer is intended for international merchants without a Russian legal entity to avoid the cross-border transaction fees that are imposed by acquiring banks outside of Russia. As …

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