Yandex.Money will process Russian-Chinese Internet payments

    According to Vedomosti, the Yandex.Money payment system will process money transactions within the Chinese online platform TradeEase, which was created for cross-border trade between China and Russia - this is stated in a joint statement of the two companies transferred to the publication.

    This summer TradeEase will be launched by a joint venture of PayEase integrator, BoC Bank (Bank of China), Heilongjiang Provincial Ministry of Finance and the Suifenhe government. The platform "will allow Chinese stores trading at the border to sell their goods over the Internet." Processing and delivery of orders will be undertaken by partners - contractors of TradeEase.

    At the start, 10 large sellers from Suifenhe and other provinces of the province will be connected to TradeEase. Initiators expect growth to several hundred sellers within a month and up to a thousand by the end of the year.

    In 2014, trade between Russia and Heilongjiang exceeded $ 23 billion - a quarter of the total trade between Russia and China. At the end of 2014 and the beginning of 2015, trade and tourist flows to China from the Russian Federation decreased markedly, with the opening of an online platform, the Chinese provinces intend to keep the business afloat.

    At the initial stage, all investments in the site were made by PayEase integrator, in the future the costs will be shared between all the founders. Attachment size is not disclosed. The commission from the seller, which makes Yandex.Money earnings, is not disclosed, but the company expects that for the first quarter of this year, the site’s turnover will reach 50 million rubles per month.


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