Russia’s largest e-wallet service, Yandex.Money, has begun offering person-to-person money transfers via email. We have seen other companies providing similar solutions in Russia before; however Yandex.Money already has the largest customer base in the region with over 16 million registered users and a growing customer base of around 9,000 newly registered users a day.
The new payment feature enables any Yandex.Money account and e-wallet holder to attach funds to an email and send it to anyone they see fit, whether they have a registered Yandex.Money email address or not. This payment system is similar to other email money services like, Square Cash.
“Money letters’ are the fastest way to put talk into action. The recipient then has the option of putting the whole amount on his e-wallet immediately or, if the amount exceeds 100 rubles, putting it on a bank card,” Egor Ganin, head of Yandex.Mail service, commented.
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Yandex.Money began offering the new money by mail service towards the end of November, shortly after PayPal entered the Russian market. PayPal entered the Russian market in September, and while PayPal has supported Russian customers since 2006, it did not support the local ruble, or offer its full suite of services until then.
Payment Magnates was fortunate enough to speak with Dmitry Danilenko, the Chief Commercial Officer at Yandex.Money not too long ago. You can read the interview here.