Simplicity and favorable payment conditions have made the QIWI Wallet one of the most popular Russian online payment system and with more than 143 million Russian consumers, QIWI is guaranteed to convert more sales!Īlternative Payments merchants will not only benefit from this payment method but also have the ability to target new markets through Alternative Payments's unique 1-Button feature, which currently provides a large selection of alternative payment solutions. The system allows customers to quickly and conveniently make payments online for utilities, mobile phone bills, shopping purchases, internet services and much more. The QIWI Wallet electronic payment system was launched at the end of 2007. The transaction will immediately be carried out, transferring money from the customer's QIWI Wallet to the store. To make a payment, all a consumer has to do is select QIWI as the payment option on the merchant's website. "Control" is determined in accordance with IFRS or, if there is more than 50% of voting shareholding in the relevant entity.PASADENA, CA, Octo/24-7PressRelease/ - QIWI is Russia's most popular and convenient online payment method. 161-FZ on the National Payment System of 27 June 2011. A new Article 19.1 has been added to Federal Law No. According to the Bank of Russia, the total volume of money transfers from Russia to Ukraine in 2016 was in excess of 1 billion US Dollars ↩ģ. The Bank of Russia records the operators of such payments systems in the relevant register ↩Ģ. We will monitor the situation and keep our clients informed of further changes in this sphere.ġ. Alternatively, their clients will have to seek out other options to transfer money from Russia to a state restricting RPS activities (direct bank account transfers, postal remittances, etc.). Money transfer systems controlled by foreign persons will have to develop and offer new products (for instance, transfers using so-called "intermediary recipients"). The new legislative restrictions adopted by the Russian authorities will materially affect the operations of many payment service providers. The mechanics of the implementation of provisions of the Law (including, the penalty assessment procedure) are under development. That said, it has retroactive effect in relation to restrictions imposed before the effective date of the Law. Therefore, any restrictions adopted in foreign states against RPSs might potentially cause the cessation of the money flow from Russia to such states. therefore, payment systems controlled by non-Russian residents cannot perform such cross-borders transfers.Ĭritically, the list of potential restrictions that a foreign state could theoretically impose on RPSs is open-ended (unlimited).cross-border transfers of funds from Russia to such state can only be made without opening a bank account within the framework of those systems whose operators (including payment infrastructure service providers) are directly or indirectly controlled by Russian legal entities 4 and.Under the Law, where a foreign state prohibits in RPS activities 3: Payment systems such as MoneyGram and Western Union have secured a substantial share of the money transfer market estimated to be in the hundreds of millions of US Dollars 2. In this context, clients have primarily been using payment systems operating in Russia but which are controlled by foreign entities. Notably, electronic payment systems such as Yandex.Money, Qiwi Wallet, Webmoney, and Wallet One (which are popular in Russia) are not available in Ukraine. ![]() 467/2016 of 17 October 2016, money transfers to Ukraine using payment systems such as Colibri, Zolotaya Korona, Unistream, LEADER, Anelik and Blizko are prohibited. In particular, under the decree of the President of Ukraine No. The restrictions were implemented following the ban of a number of RPSs imposed last autumn in Ukraine. The Law restricts cross-border money transfers from Russia to countries barring the activity of "Russian payment systems" (RPS) 1. 59-FZ on Amending the Federal Law on the National Payment System (the Law). On 3 April 2017, the President of Russia signed Federal Law No.
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