Yandex.Money Enables Funds Transfers to Visa or MasterCard Accounts

Internet, February 9, 2012.

Starting today, Yandex.Money users can transfer funds from their Yandex.Money accounts to any Visa or MasterCard account. Funds can be transferred to the user’s own card or to any other card of their choice, for example to their grandmother’s or little sister’s card.

To send money to a card account, the user only needs to provide the card number. The money will be available on the card account in one to two working days. Currently, Yandex.Money supports any Visa card issued by any bank operating in the Russian Federation. MasterCard owners can also send money from their Yandex.Money account to cards issued in Ukraine, Kazakhstan and more than 20 other countries.

“Banking cards are such a popular product that we are trying to maximize opportunities for their owners. Our users can link their Yandex.Money accounts to their banking cards, transfer funds between their Yandex.Money and their bank accounts, and make payments online. Clients of Alfa Bank, OTKRITIE Bank and RosEvroBank have already been using this option, and we have now expanded the opportunity to many other Yandex.Money users, who can now easily transfer money from their online accounts to their banking cards,” says Maria Gracheva, Development Director at Yandex.Money.

After identification, Yandex.Money users can transfer up to 75,000 rubles per transaction to their banking cards. The transfer amount is limited to 15,000 rubles per transaction for unidentified users. There is also Yandex.Money’s commission fee of 15 rubles and 3% of the transaction value. Money transferred to foreign currency accounts is converted using MasterCard’s, Visa’s or the card issuer’s currency conversion rates.

In addition to being able to send funds from a Yandex.Money account to banking card accounts, the system’s users can also cash them out via CONTACT or Migom.

Yandex.Money is the largest electronic payment system in Russia offering easy, safe and reliable methods for paying for purchases online. Every day, the system adds over 8,000 new accounts and sees more than 80,000 customer payments for products and services. Yandex.Money is accepted in more than 3,500 online stores. Online customers can use Yandex.Money to pay for products and services ranging from web hosting and mobile bills to clothes and event tickets.