The new service is expected to be operational in Q4 2014.
According to the 2011 law on electronic payments, Rostelecom is required to obtain a license to legally operate as a non-banking credit entity. The telecom operator allegedly hopes the new project will generate around USD 100 million per year, bringing Rostelecom a 15% market share within several years.
Sources also mention that the future service will be automatically tied to customers’ telecom accounts and any client, existing or new, will be able to open an e-wallet. However, according to Viktor Dostov, the president of Russia’s Electronic Money Association, even with a fortunate conjuncture of circumstances Rostelecom is unlikely to get more than 10% in a few years.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.