Western Union, a money transfers and payment services provider, has partnered with Yandex.Money, an online payment service in Russia, in a move to enable over 22 million Yandex.Money users to send money overseas to their friends and relatives.
The deal will allow consumers to send money on Yandex’s website money.yandex.ru, from an e-wallet or a card linked to an e-wallet account.
Go deeper with GlobalData
Yandex said that the funds will be sent to the recipient within minutes at Western Union agent locations at banks, grocery stores, pharmacies, and post offices.
Recipients must provide the money transfer control number and a valid ID to collect the funds.
Western Union regional vice president Eastern Europe CIS and PAKAF Alexandru Badulescu said: "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."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
