Under terms of the agreement, Sberbank has paid USD60m to acquire a 75% interest in the charter funds of Yandex.Money. This would enable Sberbank’s infrastructure to be leveraged and upgrade to the latest online payments solution integrated with Yandex technology. Yandex.Money will continue serving its clients as a non-banking credit union working under a license released by the Central Bank of Russia.
The partnership is aiming to power inventions in online retail payment solutions and create universal payment solutions for businesses. Recurring payments an deals for online and offline members will be made easier.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.