Skrill, a European e-wallet provider with 35 million users and Yandex.Money, the largest electronic payment system in Russia with 13 million users, signed a partnership last week which will enable Skrill to expand into Russia. As part of the deal, Yandex.Money will be integrated in Skrill’s 140 thousand merchants as a new payment option.
“Partnering with Yandex.Money will provide Skrill’s expansive global merchant base with access to consumers in Russia and enable us to grow our global payment network even further with another popular local payment option, ensuring we stay at the forefront of the digital payments market,” remarked Mohamed Omaizat, VP Group Corporate Development at Skrill.
Maria Gracheva, Business Development Director at Yandex.Money, commented that the partnership will give its users the opportunity to pay with Yandex.Money in more online merchants. “Some of the internet’s most popular services, such as Skype, Facebook and McAfee, are already using Yandex.Money for payments in Russia. Thanks to our collaboration with Skrill, any internet store can now join up with us – particularly those stores that are interested in attracting customers from Russia and other CIS countries,” Gracheva said.
This comes as Russia and US payments giants, Visa and MasterCard continue to negotiate over terms to allow them to operate in Russia. Russia showed a willingness to relax requirements that called for a hefty security deposit in order to operate in the country after July 1st. According to the Kremlin, amendments to the law that called for these requirements would be prepared this week. Russia has previously said that it plans to create its own national payments system, which will take 18 months or more to launch.