Yandex plans to launch its own analogue of Apple Pay - VTimes

Yandex plans to launch the Yandex Pay cashless payment service, a Russian analogue of Apple Pay and Google Pay. The service will be available on Yandex web pages, found out . VTimes

When the service is launched, users will be able to enter and save their bank card data in it and make non-cash payments with it. The company is improving the possibilities for online payment on the company's services, and is indeed developing "new technologies and services", which will be discussed later, a Yandex representative commented to VTimes.

Yandex began to develop financial services after a divorce from Sberbank. According to its terms, all restrictions on their own developments in fintech were removed from the IT company. Now Yandex does not have its own fintech services - Yandex.Money came under the control of Sberbank and changed its name to YuMoney. In the spring of 2020, Yandex applied for the registration of financial brands: YaBank, YaTrade and YaValyuta. At the end of last year, the company was negotiating the purchase of Tinkoff Bank, but the parties failed to agree.

While smartphone payments are growing in popularity (accounting for 21% of all transactions in the first quarter of 2020, according to Russian Standard Bank), Yandex Pay is not likely to be used universally. Most transactions using non-cash payment services in Russia are made through Apple Pay. The new payment service from Yandex will be more of a marketing offer, which will also help the company collect data on the transactions of its users and increase their brand loyalty, according to a source in one of the largest Russian banks.