Mail.ru, Megafon partner Alipay to start Russian payments joint venture

News Broadband Russian Federation 12 NOV 2019
Mail.ru, Megafon partner Alipay to start Russian payments joint venture

Russian internet company Mail.ru Group, the mobile operator Megafon, the Chinese payment platform Alipay, Megafon's shareholder USM, and the Russian Direct Investment Fund (RDIF) have announced plans to form a joint venture for digital payment services for Russian users, as part of efforts to promote financial inclusion across the country.

The new joint venture will provide digital payment services. The signing of non-binding term sheets for the partnership follows the establishment of the AliExpress Russia JV by Mail.ru Group, Alibaba Group, Megafon and RDIF in October, which aims to support electronic commerce in the country.

Mail.ru Group will provide non-cash asset contributions through its operations Money.Mail.ru and VK Pay to the new company Payment JV and will become its largest shareholder with a 40 percent stake.

Categories:

Internet,  Mobile

Companies:

MegaFon,  Alipay,  Alibaba,  Mail.ru

Countries:

Russian Federation

Tags:

e-Payment, Cooperations & alliances

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