Russia’s Yandex partners with Russian Development Bank, offers ATM services

Russia’s Yandex partners with Russian Development Bank, offers ATM services

Yandex, the leading search engine in Russia has announced a partnership with the Russian Development Bank (RBR) to allow users of their online payment system, Yandex Money to transfer funds to and from their virtual account via the ATM machines owned by the bank. A system similar to PayPal, Yandex Money offers free registration and money deposit into the system without commission. Withdrawing money is charged at 2%. The system is open to merchants dealing in Russia but is currently restricted to Russian registered businesses. The online company says they are open to partnerships with other Russian banks.