Yandex.Money partners MasterCard for virtual cards

Friday 21 March 2014 13:24 CET | News

Russian internet company Yandex.Money has entered into an agreement with MasterCard to allow its 16 million users to gain access to virtual MasterCard debit cards to make online purchases worldwide, as unveiled by online media outlet East-West Digital News.

Yandex.Money users may use their virtual card like any other debit card, with purchase amount deducted from their Yandex.Money account. Users may also receive money transfers from other bank cards via their virtual card number.

Yandex.Money began integrating its virtual currency with bank cards since July 2010, when it made a virtual MasterCard available to its customers for the first time. In 2011, Yandex.Money customers became eligible to register their existing bank cards. Online purchases could be made using Yandex.Money.

Since March 2013, Yandex.Money users have been able to replenish their virtual currency accounts using bank cards issued by Russian banks. To add funds to a virtual account, they only need to indicate their bank card information on the Yandex.Money website and enter a code received by SMS.

Russian consultancy J’son & Partners has estimated the transaction volume of electronic currencies at more than 400 billion rubles in 2013 – over USD 12 billion, up 40% from 2012.

Yandex.Money is an electronic payment service in Russia offering methods of paying online. The platform handles over 150,000 customer payments for goods and services daily. During 2013, Yandex.Money saw a 17% increase in payments for website building and hosting services among its users.

In recent news,, a global web development platform, has joined forces with Yandex.Money to enable an online payment system for Wix users in the region.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Yandex.Money. MasterCard, virtual cards, online payments, online purchases, Russia
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce