Yandex.Money Moves Mobile Wallet Forward with Moven Enterprise

Moven Enterprise announced this week that it has partnered with mobile wallet company Yandex.Money to power smart banking technology for the Russia-based company.

Yandex.Money will leverage Moven Enterprise’s open APIs to embed new features and functionality into its mobile app, pushing new product offers that extend beyond the company’s flagship mobile wallet. The partnership will give Yandex.Money’s mobile wallet offering a boost by giving its 46 million mobile wallet customers access to real-time personalized financial management tools.

“Yandex.Money is no longer just an electronic wallet, as we offer options familiar to banking clients such as money transfers, card issuance, cashback, payment for various goods and services,” Ivan Glazachev, Yandex.Money CEO explained. “We also offer users the opportunity to choose the app design theme, make investments, and now effectively control their funds.” The new features will also encourage users to adopt existing mobile wallet offerings.

Moven CEO, Marek Forysiak, said, “Moven is excited to bring our AI-driven, smart banking solutions into Yandex’s existing app by leveraging our open APIs to create a customized user experience. Their robust initiative adds a new level of sophistication and capabilities including personalized advice and financial wellness capabilities to help their customers spend, save and live smarter.”

Launched at FinovateFall 2016, Moven Enterprise takes a software-as-a-service approach by allowing banks and financial services companies to white-label its financial management technology. Moven Enterprise offers tools to help banks engage with their existing customers, acquire new customers, and drive revenue through their mobile channel.

At FinovateAsia 2017, Moven Enterprise demonstrated a new credit offering, chatbot functionality, and an expansion of its wish list feature that leverages behavioral gamification. Last month, the company announced it will bring its digital banking platform to banks in Latin America, APAC, Africa, the Middle East, and Europe.

A joint venture between Yandex and Sberbank, Yandex.Money is the largest online payment service in Russia. At FinovateSpring 2013 Yandex.Money launched Twym, an application that allows users to instantly transfer money in Rubles via Twitter.

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  • Yandex.Money Moves Mobile Wallet Forward with Moven Enterprise.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Yandex.Money Releases Apple Watch Payments App

Screen Shot 2016-07-15 at 8.24.19 AM

Screen Shot 2016-07-15 at 8.42.48 AMIn a move that expands payment methods for its users, digital payments company Yandex.Money launched an app for the Apple Watch this week. The app allows users to top up their mobile money accounts, make transfers, receive payment alerts via push notifications, and view their Yandex account balance.

The Yandex.Money mobile app, available to users in Russia, was released on iOS in 2011. It can be used to pay for thousands of goods and services, including those linked to a bank payment account. The company also offers apps for Android, Windows 10, and Windows phones.

Demand for mobile payments seems to be increasing; in fact, AC&M Consulting reports that more than 12 million users in Russia complete payments through mobile devices. However, as the Wall Street Journal depicts, the market is becoming increasingly diluted. On top of Apple Pay, Android Pay, and Samsung Pay, banks and merchants have started offering their own payment solutions, such as MasterCard’s Masterpass which launched yesterday for in-store payments; the Wells Fargo Wallet, which launches Monday; Chase Pay, and more.

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At FinovateSpring 2013 Yandex launched Twym, an application that allows Yandex.Money users to instantly transfer money in Rubles via Twitter. Money can be sent via a Tweet that includes @twymru, the recipient’s Twitter username, and the payment amount.

Yandex.Money powers the largest online payment service in Russia. In April, the company launched NFC payment capability for Android phones that conducts the transaction via a virtual MasterCard.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Yandex.Money Debuts Twym (Tweet Your Money), a New Way to Send Money

This is a part of our live coverage of FinovateSpring 2013.

YandexMoneyLogo.jpg

Next up this morning, Yandex.Money showcased Twym, a solution that gives users a new way to send money:

“Twym is designed to facilitate instant transfers in rubles between Twitter users who have Yandex.Money accounts. To send money, users send a tweet that includes @twymru, the recipient’s username on Twitter, and the amount they want to transfer. 

If the recipient has already activated Twym, they receive the rubles immediately. If not, they will be prompted to activate Twym and receive the money after they have done so. If someone retweets a money tweet, another transfer will be made from their Yandex.Money account to the same recipient – a useful feature for fundraising campaigns.”

Product Launch: March 2013
HQ: Moscow, Saint Petersburg, Russia
Founded: July 2002
Metrics: 13M+ registered wallets (users), 9,000+ wallets opened daily, 120,000+ transactions carried out daily, 20,000+ merchants connected
Twitter: @yamoneynews
Presenting Kristina Stoyanova (Head of User Experience) and Jane Zavalishina (President)

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