Qiwi and Yandex Money: Cooperation Agreement

04.10.2015

Qiwi Yandex

Soon all QIWI terminals will again offer an opportunity to fill up Yandex.Money accounts.  The information was disclosed by payment system representatives participated in Economic Forum in Kazan. ‘Service, which allows transferring funds to Yandex.Money will be launched in several days,’ reported S. Solonin, one of QIWI owners.
    The information was confirmed by Yandex.Money authorities as well. According to the press secretary N. Kiyatkina, cooperation between two Russian companies will be re-launched within few weeks. Both sides benefit from the new agreement: QIWI will receive a percentage from funds transferred to Yandex.Money; other company, in its turn, will be able to expand its business in the domestic market due to a wide network of available payment terminals, therefore attracting more clients. N.Kiyatkina also reminded that other companies which had signed cooperation agreement with Yandex earlier receive up to 15% of funds transferred to online-wallets.
   It is worth noting that QIWI and Yandex.Money carried on cooperation several years ago till their collaborative activity was brought to an end in 2011.   Cooperation discontinued because payment system authorities decided to develop their own e-wallet service - QIWI-Wallet. It was more than four years ago. After the decision had been taken all QIWI terminals stopped accepting transfers to e-wallets of other companies, including Yandex.Money. Besides Yandex the ban covered Webmoney, Rambler Plus, RBK Money and some other payment systems in Russian segment of the market.
  We’ll remind you that before rupture of ties Yandex planned to sell its share in Yandex.Money to Sberbank. QIWI decided not to wait for the completion of the deal and beforehand blocked access to the service through its payment terminals. According to Yandex officials, sale of such a performing asset was targeted not at divesting an asset but attracting a significant investor to this market sector. By some estimates the transaction value was about $60 million.
   Yandex.Money is an Internet-service for payment transactions in Russian segment of the Internet. Money can be transferred to Yandex from other e-accounts, bank cards or by cash via terminals. The principal currency is Rouble (RUB). As of today the number of Yandex.Money users counts over 18 million people. And the number is continuously increasing. Moreover, this service is the most popular one within Russian segment of the Internet.
  QIWI Group represents an international payment service. It allows businesses and individuals transferring e-payments by means of stationary and portable equipment. System users are able to use both cash and non-cash to pay for goods and services. One of the QIWI owners is a competitor of Yandex - Mail Group Corporation.


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