Western Union, a leader in global money transfers and payment services, and Yandex.Money, the largest online payment service in Russia, announced their collaboration. The agreement will enable more than 22 million Yandex.Money users to send money in minutesoverseas to their friends and relatives. The Western Union network comprises of over 500,000 Agent locations in 200 countries and territories across the globe.
Consumers can now send fast, convenient and reliable Western Union money transfers on the website money.yandex.ru, from an e-wallet or a card linked to an e-wallet account. The money will be available for payout in minutes at Western Union Agent locations at banks, in grocery stores, pharmacies, and post offices – places visited by customers every day. To collect money, recipients need to provide, amongst other things, the money transfer control number and a valid ID.
“The world is going digital and Western Union is introducing a new online channel in Russia to meet the needs and preferences of our web-savvy customers,” said Alexandru Badulescu, Regional Vice President, Eastern Europe, CIS and PAKAF, Western Union. “We are strongly committed to the Russian market and our agreement with the largest Russian online payment service, Yandex.Money, enables us to make money transfers even more convenient and accessible for consumers. Additionally, the service allows the receiver to collect the money in cash thus bridging the gap between banked and unbanked customers.”
“International money transfers is a promising area of our future development,” said Maria Gracheva, CEO at Yandex.Money. “We expect to see significant growth in transfers as a result of our agreement with Western Union. Now this new feature will allow to make transfers via Yandex.Money even to a larger number of users who do not have an e-wallet.”
Yandex.Money is the largest electronic payment service in Russia, according to a 2014 survey by TNS. Yandex.Money offers consumers easy, safe, and reliable methods of paying online on its own site and mobile app. The service hosts 22 million user accounts with about 12,000 new accounts opened daily. Yandex.Money also offers online stores Yandex Payment Solution for accepting online payments by all the methods most popular among residents of Russia and other CIS countries. Currently, over 76,000 online stores use Yandex Payment Solution.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of March 31, 2015, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks. In 2014, The Western Union Company completed 255 million consumer-to-consumer transactions worldwide, moving $85 billion of principal between consumers, and 484 million business payments.