Earthport, a London-based cross-border payments company, is partnering with Yandex.Money, an e-wallet service in Russia and the CIS, to offer international payment options to their customers (view press release). As a result of the partnership, Yandex.Money e-wallet holders will be able to access a new range of international payment services, including the ability to make payments to bank accounts directly in all Earthport supported territories globally. The next phase in the project will allow users to top-up using domestic bank transfer services.
The companies hope to tap into the rapidly expanding electronic payments industry which has developed over the last few years in Russia and the CIS. Earthport states that the number of active e-wallets in Russia grew by 50% in 2010.