Russia-based The Unistream International Money Transfer System has launched a new multifunctional electronic wallet, Unistream Money for free money transfers and payment operations.

The new payment service can be accessed through any device with internet and allows users to manage their money streams without opening a bank account.

Till 30 June 2014, customers can use the Unistream Money wallet to transfer up to RUB100,000 ($3,052) to Russia, the CIS and other countries including Albania, Bulgaria, UK, Vietnam, Greece, Israel, Cyprus, Latvia, Lithuania, Mongolia, the Czech Republic, and others for free.

Customers can top up their Unistream Money electronic wallet accounts at over 200 Unistream service points in Russia and at majority of Unistream partner banks in Russia.

Unistream CEO Kirill Palchun said they have made the Unistream Money wallet interface user-friendly and intuitive because the new service’s target audience is very wide.

"With the electronic wallet, you save yourself from having to stand in lines to pay utility bills or traffic police fines, to go to the bank to make a monthly installment or make a transfer, or to look for a terminal to top up your mobile phone account. In short, it will save you a significant amount of time," Palchun added.

"In the first half of 2014, the wallet will be continually evolving and improving. Its functionality will be expanded, new top-up channels will be added, and the number of merchants will also be increased."