Russian payment operator Rostelecom to introduce new electronic currency

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.