Yandex.Money
| Electronic payment service | |
| Founded | 24 July 2002 |
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Key people
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Maria Gracheva, CEO |
| Website | https://money.yandex.ru/ https://checkout.yandex.com/ |
Yandex.Money (Russian: Яндекс.Деньги; Chinese: Yandex支付) is Russia’s largest electronic payment service according to a 2016 survey by TNS. It is an online payment service that works with two types of clients — individual users and merchants. Since 2002, Yandex.Money has been providing services to those who pay and those who accept payments. Its mission is to make payments more convenient, secure, and accessible and to provide its clients with an opportunity to pay in a convenient way.
The service is the joint venture of Russia's leading search engine Yandex (NASDAQ: YNDX), and Russia's largest bank Sberbank. In 2013, Sberbank, one of the largest banks in Eastern Europe, bought a major stake in Yandex.Money. Currently, Sberbank owns a 75% stake in the company, the remaining 25% plus one ruble is owned by Yandex. With new stakeholders, Yandex.Money obtained access to a broad payment infrastructure of Sberbank. Users obtained an opportunity to top up their e-wallets through the chain of Sberbank’s ATMs and terminals, and online banking.
Yandex.Money has a b2b service Yandex.Checkout — a payment aggregator for online stores and other businesses that need payments on their online platforms. Yandex.Checkout was launched by Yandex.Money in 2013. Yandex.Checkout is currently the leading service for accepting online payments in Russia, according to a 2016 survey by MARC. With this payment solution, merchants from all over the world can offer Russian consumers the online payment methods most popular among Russians and CIS-citizens just in one button ‘Pay with Yandex’: bank cards, direct debit (online banking), e-wallets, mobile phones, and cash via mobile retailers and payment kiosks (there are over 250 thousand cash-acceptance points all over CIS). Currently more than 76,000 online stores across the globe use Yandex.Checkout, including such partners as Skype, AliExpress (Alibaba),JD.com and BlaBlaCar.
Yandex.Money also has an e-wallet, which is the original product of the company. Yandex.Money offers consumers easy, safe, and reliable methods of paying online on its own site and mobile app. The service hosts about 28 million user accounts with about 15,000 new accounts opened daily. Recent TNS research showed that Yandex.Money is the most popular e-wallet in Russia: every third user of the Internet in Russia pays by Yandex.Money e-wallet. Using Yandex.Money, gamers also can pay on Nintendo, top up an account on Steam (software), Wargaming, Riot Games, buy codes for Apple (iTunes) and Xbox. Yandex.Money became the official sales operator of the popular game publisher Electronic Arts. Russian users can now buy FIFA 17 for PC and Xbox through the service. Yandex.Money also distributes Blizzard Entertainment virtual cards, which provide users with a convenient payment option for Blizzard’s online games: World of Warcraft, Overwatch (video game), Heroes of the Storm, StarCraft, Hearthstone (video game), and Diablo (series).
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