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YooMoney

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YooMoney
Native name
ЮMoney
FormerlyYandex.Money
FoundedJuly 24, 2002; 22 years ago (2002-07-24)
Key people
Ivan Glazachev, CEO
ServicesE-commerce payment system
OwnerSberbank
Websiteyoomoney.ru

YooMoney branded as ЮMoney, (formerly Yandex.Money) is an e-commerce payment system. It is 100% owned by Sberbank and operates in Russia and nearby countries.

The company's headquarters are in Moscow. It has branch offices in Saint Petersburg and Nizhny Novgorod.

History

[edit]

The service was launched in 2002 as Yandex.Money (Russian: Яндекс.Деньги) by Yandex via a partnership with PayCash formed in 2000.[1][2]

In March 2007, Yandex acquired full ownership of the service.[1][3]

In March 2011, the service expanded to Ukraine, Belarus, and Kazakhstan.[2]

Beginning in February 2012, users were able to transfer money to Visa or Mastercard accounts.[4]

Also in February 2012, Yandex.Money became the preferred payment method in the Opera Mobile Store.[5]

In April 2012, Yandex Money began issuing debit cards on the Mastercard network.[6][7][8]

In October 2012, the company enabled making card payments via a miniature point of sale terminal attached to a user's smartphone.[9]

In July 2013, Sberbank acquired a 75% interest in Yandex.Money for $60 million, while Yandex retained a 25% interest.[10][11][12]

In 2013, the Yandex.Checkout service was launched (later rebranded as YooKassa).[13][14][15]

In May 2014, Yandex.Money was integrated as a payment option for merchants using Skrill.[16]

In October 2014, Nintendo began selling games via digital distribution through the service.[17]

In April 2016, the service began allowing near-field communication payments via its mobile app.[18]

In July 2016, the service launched payments via Apple Watch.[19][20]

In October 2016, the service began allowing payments via iMessage.[21][22] In November 2016, the service began working with Apple Pay.[23]

In March 2017, Ivan Glazachev became CEO of the service.[24][25]

In November 2017, the service launched Yandex.Gas, allowing users to pay for gas remotely, without leaving their cars.[26]

In March 2019, the service began allowing for accounts holding 10 major currencies; the service automatically determines the best currency in which to make a payment.[27][28][29]

In July 2019, the service launched "Ya.Streamer", allowing users to collect donations via streaming platforms, such as YouTube, Twitch, Smashcast, CyberHero, WASD.TV, Odnoklassniki, VK, Facebook, OBS Studio, and XSplit.[30]

In 2020, Sberbank acquired 100% of the service and it was rebranded to YooMoney.[31][32][33]

[edit]

In 2011, the Federal Security Service required the company to disclose details of people who contributed to organizations run by Alexey Navalny, a leader of the opposition to Vladimir Putin in Russia.[34][35] As required by law, the company disclosed information for 100 contributors who used the service.[36]

In 2016, the government of Russia allegedly put pressure on the company to close accounts used to raise money for Alexey Navalny.[37] The Russian Central Bank denied the allegations.[38]

In April 2022, the United States Department of the Treasury initiated sanctions on the service as part of international sanctions during the Russian invasion of Ukraine.[39]

References

[edit]
  1. ^ a b "Yandex Becomes the Sole-Owner of Yandex.Money" (Press release). Yandex. 30 March 2007.
  2. ^ a b O'Hear, Steve (15 March 2011). "Russian search engine Yandex expands its PayPal-competitor to CIS countries". TechCrunch.
  3. ^ Shipilova, Elena (24 December 2012). "Government embraces Yandex". Russia Beyond.
  4. ^ "Yandex.Money Enables Funds Transfers to Visa or MasterCard Accounts". Yandex (Press release). 9 February 2012.
  5. ^ Lunden, Ingrid (28 February 2012). "Opera Takes Over Payments In Its App Store; Inks Deal With Yandex In Russia". TechCrunch.
  6. ^ "Yandex.Money Launches Debit Card" (Press release). GlobeNewswire. 17 April 2012.
  7. ^ Nielsen, Rachel (17 April 2012). "Yandex Electronic Payments System Adds MasterCard Plastic". The Moscow Times.
  8. ^ Bryant, Martin SFP (17 April 2012). "Russian Internet giant Yandex takes its online wallet offline with the launch of debit cards". The Next Web.
  9. ^ Golitsyna, Anastasia (31 October 2012). "Yandex.Money to turn smartphones into POS terminals". Russia Beyond.
  10. ^ "Sberbank: Yandex and Sberbank of Russia Finalise Yandex.Money Joint Venture". EQS News. 4 July 2013.
  11. ^ Henni, Adrien (9 August 2017). "Yandex and Sberbank announce $500 million joint venture to create 'leading ecommerce ecosystem' in Russia". VentureBeat.
  12. ^ Degeler, Andrii (19 December 2012). "Yandex sells 75% of its online payment service to Russia's largest bank Sberbank for $60 million". The Next Web.
  13. ^ "Scan and pay: Yandex wants QR codes everywhere". Industry Dive. 29 July 2016.
  14. ^ Patel, Manisha (11 November 2016). "Yandex.Checkout to strengthen collaboration with Chinese online retailers". The Fintech Times.
  15. ^ "Yandex.Checkout launches QR-code payment feature". Electronic Payments International. 1 August 2016.
  16. ^ "Skrill To Launch In Russia". Pymnts. 27 May 2014.
  17. ^ Takahashi, Dean (3 October 2014). "Nintendo starts selling digital games in Russia through Yandex". VentureBeat.
  18. ^ "Yandex.Money adds NFC payments to mobile app". Finextra. 20 April 2016.
  19. ^ "Yandex.Money to Launch Payments via Apple Watch". PaymentsJournal. 15 July 2016.
  20. ^ "Russia's Yandex Money adds Apple Watch support". Industry Dive. 15 July 2016.
  21. ^ "Yandex.Money joins mobile messaging revolution". FinExtra. 6 October 2016.
  22. ^ "Yandex.Money introduces money transfers via iMessage". East-West Digital News. 12 October 2016.
  23. ^ Patel, Manisha (7 November 2016). "Yandex.Money Brings Apple Pay to Customers in Russia". The Fintech Times.
  24. ^ "Executive Spotlight Series with Ivan Glazachev, CEO of Yandex.Money". Payments Journal. 25 October 2017.
  25. ^ "Yandex Money brings bankers onboard". Finextra. 1 March 2017.
  26. ^ "Yandex.Money to Enable Online Payment for Gas With an App". PaymentsJournal. 9 November 2017.
  27. ^ "Yandex.Money goes multicurrency". Finextra. 28 March 2019.
  28. ^ Blakey, Douglas (28 March 2019). "Yandex Money multi-currency service launches". Electronic Payments International.
  29. ^ "Yandex.Money Targets Freelancers With Multi-Currency Solution". Pymnts. 29 March 2019.
  30. ^ "Yandex.Money enters streaming donations market via Ya.Stream — a good sign for the market". 12 July 2019 – via Medium.
  31. ^ "Now fully owned by Sber, Yandex.Checkout rebrands to 'YooMoney'". bne IntelliNews. 2 December 2020.
  32. ^ Henni, Adrien (2 July 2020). "Yandex and Sberbank Finalize Divorce". The Moscow Times.
  33. ^ "Yandex and Sberbank agree to reorganize Yandex.Market and Yandex.Money" (Press release). GlobeNewswire. 23 June 2020.
  34. ^ Starobin, Paul (22 March 2022). "Is Russia's Largest Tech Company Too Big to Fail?". Wired.
  35. ^ Antoniuk, Daryna (9 August 2023). "Regulators fear Russia could access Yandex taxi data from Europe, Central Asia". Recorded Future.
  36. ^ Iosebashvili, Ira; Mauldin, William (4 May 2011). "Kremlin Pressures Search Firm". The Wall Street Journal.
  37. ^ Stanovaya, Tatiana (27 November 2019). "Yandex Is Safe for Now, but Kremlin Compromise Is Fragile". The Moscow Times.
  38. ^ "Russian Central Bank Denies Interfering With Alexey Navalny's Election Fundraising". The Moscow Times. 25 January 2017.
  39. ^ "U.S. Treasury Escalates Sanctions on Russia for Its Atrocities in Ukraine" (Press release). United States Department of the Treasury. 6 April 2022.
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