Yandex.Money Wallet = MasterCard
March 18, 2014
Now when users open a Yandex.Money Wallet, they automatically get a “virtual” MasterCard. Those who already have a Wallet can get a card under their Wallet Preferences.
With a virtual card users can pay commission free worldwide at any online stores that accept MasterCard. To make a payment, a user simply enters the details of her virtual card (like it were any other card), and the payment amount is deducted from her Yandex.Money account. Likewise, if the user adds money to her account at a mobile retail outlet, payment kiosk, ATM, or via any other method, she can immediately spend it using her virtual card. Users also have the option of receiving direct transfers from other bank cards via their virtual card number.
Payments from Yandex.Money virtual MasterCards are protected by 3-D Secure technology. This means that in order to pay, a user needs to enter a one-time code. The bank sends the code to the phone number linked to the user’s account. Each card is valid for up to a year. However, users can cancel cards and issue new ones at any time free of charge.
“At Yandex.Money, we’re no longer just an e-wallet. We are a universal payment service,” said Alla Savchenko, Director of Products at Yandex.Money. “The first step in that direction was the Yandex.Money bank card, which allows users to pay with funds from their account at offline supermarkets, restaurants, gas stations and so on. Then we created the ‘Local Payments’ service, which offers a number of payment options that don’t require logging into a Yandex.Money account. And now we’ve introduced virtual MasterCards, which can be issued in under a minute and, most importantly, be used immediately.”
Yandex.Money is the largest electronic payment service in Russia, offering easy, safe, and reliable methods of paying for goods and services online. By the end of 2013, the service had over 16 million accounts with more than 10,000 new accounts added daily. Currently, Yandex.Money is accepted by more than 50,000 online and offline stores. The company was founded in 2002 as Yandex’s subsidiary. As of today, Yandex owns a 25% share (plus one ruble) in Yandex.Money’s capital, while a 75% share (minus one ruble) belongs to Sberbank of Russia.