Russian electronic payment services market is full of challenge

According to the newspaper, the U.S. payment company PayPal will be opened in Russia before the end of this year, Russia became the fastest-growing online payment markets in the world, and matures.

It is understood that PayPal will invest in Russia about $ 25 million, the new office is scheduled to open this fall or winter.

PayPal parent company is an online payment gateway auction and shopping website eBay. In charge of Russia's large-scale recruitment agencies Pruffi said, eBay, and five other large Internet companies, Russia looking for talent to join.

PayPal and eBay service is compatible with each other to maximize the competitive advantage as an international network of companies, the customer object is the increase of Russian Internet users.

The eBay site is well-known in Russia, but not particularly welcomed by consumers, mainly due to the delivery and payment, coupled with the credit card and debit card confirmation process is complicated, and often discourage Russian consumers.

In addition, the Bank of Russia does not necessarily support outside the formal banking system, credit and settlement systems. Furthermore, the virtual payment more than 10 years ago has become part of the Bank of Russia settlement system, PayPal, belated step.

In 2006, PayPal has yet to enter the Russian market. Later, PayPal allow Russian consumers to transfer to the electronic account from debit cards and credit cards. So far, Russian consumers have not yet from the virtual account transfer to personal and corporate debit card and credit card for payment purposes. Some Russian banks to accept credit cards accepted in local use of the above services.

Russian version of eBay, put into service in 2010 ebayrussia.ru for the site, but Russia still can not use its own issued debit card and credit card transactions on its Web site.

Russia came into effect this summer, the Personal Data Ordinance "On Personal Data 'prescribed foreign payment systems must be registered non-bank credit companies or the acquisition of Bank of Russia, before doing business in Russia, or continue to operate.

Russia is the world's fastest growing payments market, with the greatest potential. Therefore, PayPal plans to enter the Russian market, be regarded as an important business strategy. Russia in 2010, the electronic payment market turnover of $ 2,000,000,000, a doubling compared to 2009. More than one billion U.S. dollars through the virtual account processing.

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On the other hand, Russia's largest bank, Sberbank, has recently announced electronic payment service provider Mail.ru, Group (commonly referred to as Dengi@Mail.ru) partnership.

Visa and MasterCard (Master Card) holders have Dengi@Mail.ru account processing accounts free of charge in the ATM center of Sberbank of Russia across the country.

Mail.ru Group will be the form of securities early November to the global depositary receipts listed on the London Stock Exchange, the per share price of $ 27.7.

Russian electronic payment market has made online payment gateway considerable progress, the international industry to be easier to open up the country's e-commerce market. Russia, a number of small online store has set up an office and warehouse in Hong Kong, and strive to have a share in Russian trade and business services market.

It has been reported that PayPal is talks with DHL and other multinational express services company in Russia to provide more convenient courier services, and payments via PayPal system.