Yandex, the leading search engine in Russia has announced a partnership with the Russian Development Bank (RBR). This will allow users of their online payment system, Yandex Money to transfer funds to and from the virtual account via the ATM machines owned by the bank.
Yandex Money is a system similar to PayPal. Registration in the system is free and depositing money into the system is done without commission. Withdrawing money is charged at 2%. The system is open to merchants dealing in Russia but is currently restricted to Russian registered businesses.
“Together with the Russian Development Bank, we have developed a reliable and secure scheme of interacting between the virtual bank account and card withdrawals” said Yevgeny Zavalishina, CEO of Yandex.Money.”We’re ready to join other Russian banks and are open to cooperation with all market participants.”