Vedomosti (Moscow) – June 24, 2008

Media holding RBC has introduced the system of payments RBK Money on the platform of the Rupay system, the company’s website announced. In April, RBC purchased 20 percent in Rupay and will further increase its stake in the future, Chairman of the Board of Directors German Kaplun stated. He has also expressed hope for RBK Money’s operation in collaboration with RBK Bank, which is subordinated to the holding.

According to Finam, Rupay accounts for 4 percent of the Russian online payments market. Kaplun insists that its share will go up within the next two years. Meanwhile, at the moment the market leaders are WebMoney (67 percent) and Yandex.Money (20 percent). Finam’s experts estimate the market at $5bn in 2007.

To deposit funds in the RBK Money e-wallet, customers may use their Visa and MasterCard issued by any bank. According to General Director of Yandex.Money Yevgeniya Zavalishina, the company’s e-wallet can only be deposited with money via the Russian Bank for Development (RBD) card. However, it is quite risky to use a card for any online payments that do not require authorization: cheaters can register a stolen card, spend money and afterwards the card’s legal owner requests that the company credit the money back to his/her account. It is not common for cheaters to use payment systems for transactions with banking cards, Anna Zaitseva from Finam Management argues, noting that expensive products are rarely sold over the Internet, and by purchasing online cheaters leave behind a trace. It is important to point out, however, that users of RBK Money are required to authorize their cards on the bank’s website, and only after the authorization is the money subtracted from the account.