#Paypal to qiwi wallet license
#Paypal to qiwi wallet plus

Yandex.Money will retain a commission fee of three percent plus 15 rubles ($0.45) per transaction. Yandex.Money users can thus rent a car in New York, book a hotel in Madrid, or send money to a friend or a freelancer in London. You can now wire funds from a Yandex.Money e-wallet to individual and corporate bank accounts in these countries. Just one day before PayPal’s Russia launch, Yandex.Money announced its first steps in dozens of foreign countries, including the USA, China, Germany, France, Spain, and the U.K. While the volume of online purchases made by Russians on foreign sites – nearly $2 billion last year, according to EWDN’s report on Russian e-commerce – is growing dramatically, Russian virtual currencies have begun internationalizing their activity. Vsevolod Strakh, general director of the online store Sotmarket underlined the importance of such a function: “It is believed that the PayPal Buyer Protection Program adds credibility to an online store, and consumer confidence is still lacking in all Russian e-commerce.” If one party is not satisfied with the transaction, then PayPal will help to resolve the situation,” Malugin said last month in an exchange with Russian news agency RIA Novosti. This program allows users and stores to use PayPal to resolve mutual claims. “PayPal’s Buyer Protection Program will be extended to Russians and stores. On the other hand, in addition to being accepted almost universally in the world, which is not the case for its Russian competitors, PayPal brings new interesting features to the Russian market. Its virtual currency is accepted by more than 20,000 Internet stores. The last - a joint project by Yandex, the Russian search giant, and Sberbank, the national savings bank - has been operating for years on the market with a local user base exceeding 13 million. Many have underscored that the US giant will be competing with such well-established players as Qiwi, WebMoney, and Yandex.Money (in Russian: ‘Yandex Dengi’). Industry experts and market players have mixed views on whether or not PayPal could change the game in the Russia’s e-commerce and e-payment markets. However, he added, “When PayPal arrives on a local market, the number of users grows quickly.” PayPal now has three million registered users from Russia, with just one million “actively” using the service, said Vladimir Malugin, PayPal’s regional director for Russia, at yesterday’s press conference. In addition to online purchases, PayPal may be used to transfer money to other users’ accounts and withdraw money from Russian bank accounts. PayPal’s arrival might stimulate further decreases, believes, an online publication covering the Russian online retail market. These rates are not far from those of e-currencies competing on the Russian market, which have tended to decrease over the past few years. However, Russian Internet stores with a monthly turnover exceeding 300,000 rubles (approximately $9,100) may apply for lowered rates. PayPal announced that its standard commission fee - which is paid for by the merchant - will amount to 2.9 percent to 3.9 percent plus 10 rubles ($0.3) per transaction. Some of these players are planning to launch loyalty programs with special discounts for PayPal users. These e-merchants include and (travel), (daily deals), (car spare parts), (online-offline hybrid), (household appliances), KupiVIP (fashion flash sales site), (footwear and apparel), (handbags and other accessories), and (mobile devices), as well as grocery retailer, elite interior design site, and Russian e-commerce pioneer – which also offers 16 other payment methods to its customers.

Thirteen major Russian online retailers have begun accepting the international currency, PayPal’s press service told East-West Digital News.

#Paypal to qiwi wallet license

This past spring, the international payment operator received at last its license to work in Russia as a “non-banking credit organization” in accordance with a 2011 law on payment systems.