Introduction to Russian Payment Company - QIWI

QIWI is a widely traded Russian payment service provider which has its headquarter in Nicosia (Cyprus) that operates electronic online paym...

QIWI is a widely traded Russian payment service provider which has its headquarter in Nicosia (Cyprus) that operates electronic online payment systems mostly in Russia, Kazakhstan, Moldova, Belarus, Romania, the United States, and the United Arab Emirates to be precise.

Russia is a cash flow society. Only 20 to 25 percent of Russians have bank accounts. Just 15 percent had credit cards in 2011, and 90 percent of those cards are used only for withdrawing cash. For big purchases, bringing along a suitcase of rubles is still the norm — though private buyers prefer dollars.

In Russian, “Businesses pay for 90 percent of their buying in cash,” as said by Maksim Fallin, founder of Russian e-commerce marketplace Wiki Mart, “It is unlikely that Russian would be interested in this right now.”

QIWI is placed at the center of the Russian payments domain. The Moscow-based company operates a network of Russians so as to pay bills and fines, as well as buy credits for online services such as Skype. In effect, QIWI’s turns an ally into routine transactions that business systems can accept. Until the cash is fed into the machine, it’s as unspecified as ever.

QIWI’s achievement — approximately 170,000 stalls in Russia, more than 40,000 dealers that accept cash payments through the stalls, 65 million businesses who pay an average of39 billion rubles (about $1.3 billion) every month — forms a window into a Russian society that’s not just worried about imitation thieves stealing credit-card numbers on the Web, but tends to avoid any payments that stray far from currency you can hold in the hand.

That fixation on cash comes in part from a string of financial crises that have wiped out banks since the end of the Soviet era; making Russians doubtful of both the banks themselves free transaction cards. Even dealers who accept plastic don’t welcome it. Russians also believe that any electronic paper trail lets the government spy on them — especially in banking.

Russians also make use of traditionally paid bills and made payments of all kinds at banks and any purchasing point. But with the rise of a consumer economy, there aren’t enough banks and financial institutes to handle the demand.

This makes QIWI thoroughly involved in developing and testing blockchain projects and ideas that can be directly applied to its core payment system. QIWI is working narrowly with national regulators and domestic financial institutions to publicize the market with technologies. At the moment, QIWI is at the stage of international integration. The abilities of circulated and shared-ledger inspired technologies are very exciting for Russians and can help them advance and improve the technologies underlying of the core business. Russia QIWI is to explore the emerging technology space as a shape to the future of payments and transactions throughout the cooperative research.

QIWI is a leading payment method in Russia, accounting for 26% of every online transaction. It is general because it enables purchasers to pay for goods and services efficiently, pre-paid cards and other methods of cash payments both online and in store. QIWI is available at 175,000 stalls and terminals.

Benefits are QIWI Payment:
•    Right to 16.5 million purchasers
•    Frequent payments
•    Series of deposit alternatives

•    Real-time payment authorization

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Ninicue : -D | Review & Research Blog: Introduction to Russian Payment Company - QIWI
Introduction to Russian Payment Company - QIWI
Ninicue : -D | Review & Research Blog
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