Yandex Money multi-currency is set to launch, the first service in Russia allowing users to keep money and pay in 10 foreign currencies.
In addition to rubles, Yandex Money multi-currency covers: US dollars, euros, British pounds, Japanese yen, Chinese yuan, Swiss francs, Czech korunas, Polish zloty, Belarusian rubles, and Kazakhstani tenges.
Users do not have to switch currencies in order to pay for a purchase abroad with the card. The service independently determines which one to use for the payment.
“We expect the Yandex Money multi-currency cards to be popular with a wide variety of users. People residing or vacationing abroad will feel comfortable in any country. Users will save on currency conversion and not waste time switching between accounts. And customers who want to save money can earn cashback for paying for purchases from the account of any currencies available from the service.
“In future, freelancers will be able to receive earnings in foreign currency from foreign clients , to their e-wallets,” says Alla Savchenko, Director of Products at Yandex Money.
Prior to Yandex Money multi-currency launching, users had to pay in rubles when outside Russia. In 2018, 37% of foreign card transactions accounted for cash withdrawals at ATMs worldwide with 17% for services.
A further 16% related to payments in stores, 15% for food and beverages, 4% for apparel. In rubles, the average amount withdrawn by users from foreign ATMs with Yandex Money cards was RUB8,000 ($123).
Yandex Money multi-currency: a Russian first
In total, Yandex Money serves 46 million registered wallets with around 800,000 physical cards and 17 million virtual cards, all Mastercard branded.
Physical Yandex Money cards can be used for online and offline payments, including Apple Pay, Samsung Pay, Google Pay, and Garmin Pay.
Yandex says new users will be able to open an account in any foreign currency for free, and add money to it from a ruble account. All Yandex.Money cards linked to the e-wallet will have multi-currency support.
Cashback for payments on purchases in foreign currency will be charged the same as for payments in rubles, up to five points for every RUB100 spent.