Payments

California’s Sequent raises $12 million from Russian and US funds for mobile wallet tech

July 11, 2013

In a new illustration of the internationalization of Russia’s venture capital, SBT Venture Capital, the venture arm of the national savings bank Sberbank, has led a $12 million round to fund Sequent Software, a California-based provider of trusted service manager (TSM) and mobile commerce software and services. Sequent’s existing US investors Opus Capital and Jado …

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VimpelCom makes new move on Russia’s NFC ‘chessboard’

November 19, 2014

VimpelCom, a leading Russian mobile operator, has announced the next step in its endeavor to combine the mobile phone and the e-wallet. In an attempt to catch up with MTS and MegaFon, the other mobile players who comprise Russia’s “Big Three,” VimpelCom has pooled efforts with Alfa-Bank and MasterCard to  test a Near Field Communication (NFC) …

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Online dating service Mamba introduces one-click payments

June 18, 2013

In what may seem like a commonplace feature in many countries but represents a pioneering move in Russia, leading dating service Mamba has introduced an Amazon-like one-click payment method, making the recurring use of its service easier. Once a user’s bank card is registered for a first-time payment, subsequent payments are pre-authorized based on information …

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St. Petersburg startups pitch customer-oriented solutions for bankers

November 19, 2014

As Russia’s banking sector seeks new, customer-focused strategies to win over clients in an increasingly competitive market, Russian startups are close at hand and ready to support such strategies with an array of advanced IT solutions. In St. Petersburg on May 31st, eighteen startups, all residents of the Ingria business incubator, made a series of …

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Qiwi makes inroads into Indian market

June 10, 2013

It’s easy to make a variety of instant payments for a variety of services ranging from a post-paid mobile bill to cable television subscription fees, thanks to a successful Russian company that set up base in India’s national capital region in the beginning of 2011. The Indian franchising partner of Qiwi, Russia’s biggest instant payment …

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PayPal receives license from Russian central bank; plans official launch “later in 2013”

May 23, 2013

Last week, PayPal received its license as a “Non-Credit Banking Institution” (NCBI) from the Central Bank of Russia. The international online payment giant is now allowed to work in accordance with the country’s law on payments, which was enacted in 2011. The first step of the approval procedure was completed in March. “PayPal Russia is now preparing its …

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Western mobile payment startup SumUp teams up with Svyaznoy to compete in Russian market

May 23, 2013

Landing in a very young, yet already competitive market, the Berlin-headquartered startup SumUp has just announced its launch in Russia. Like its US model, Square, and its Russian competitors, 2can, iPay, Pay-me and SellbyCell, SumUp empowers merchants to accept debit and credit card payments with their mobile devices. Its portable card reader comes with an …

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Yandex.Money integrates with Skrill

November 19, 2014

Yandex.Money announces partnership with Skrill, a leading European online payment provider. This new collaboration will allow internet stores around the world to quickly and easily tap into Yandex.Money services. Skrill is one of Europe’s largest online payment providers, offering its clients more than 100 payment options in 200 countries and territories. It allows online businesses to …

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From Cyprus to New York: Qiwi starts its journey to IPO

March 29, 2013

Russian payment operator Qiwi filed a registration statement with the U.S. regulator, the SEC (Securities & Exchange Commission) on Wednesday, to raise up to $100 million from an initial public offering. J.P. Morgan and Credit Suisse will act as joint book-running managers in the operation, which could take place before next summer. The number of American …

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After central bank approval, PayPal continues its “journey” to Russia

March 19, 2013

After a week of rumors, PayPal confirmed last Friday that the Central Bank of Russia has approved its application to register as a full-fledged payment operator in Russia. Although PayPal considers Russia to offer “one of the biggest growth opportunities” for its development, it has taken no less than three years for the international payment …

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