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August 12, 2013

CyberPlat^®: 15 years of Russian electronic payment market

In August 1998, CyberPlat^® conducted Russia’s first ever online payment in favour of a mobile operator

The company of CyberPlat^® is celebrating the anniversary of an important event in the history of the Russian payment system: on August 12, 1998, CyberPlat^® system conducted Russia’s first online payment in favor of a mobile operator. The successful transaction for topping up a Beeline subscriber’s account was a milestone in the Russian e-commerce development, having marked the beginning of an era of high-tech online payments.

From their very beginning, new payment services became an accelerator for development of the e-commerce market, which has been developing for already 15 years at a rate exceeding significantly that of any other segment of the Russian financial market. The reason for such an explosive market growth is the formation of convenient payment service infrastructure and the increase in public confidence in new payment technologies. The electronic payment system of CyberPlat^® initiated the creation of Russia’s one of the most dynamic areas of electronic financial settlements and today holds the leading position in this segment.

Electronic payments are one of the most dynamic segments of the financial market with a great potential for further growth. CyberPlat’s management and experts are confident that in the next few years the electronic payment segment will not only beat new records in quantitative terms, but will also make a qualitative breakthrough to change the face of the Russian payment infrastructure. Electronic payment instruments will be even more convenient, more affordable and safer, which will lead to a dramatic increase in demand for payment services and their coverage across the country.

Sustainable development of the Russian electronic payment segment is one of the most important CyberPlat^® functions. The company’s innovative solutions in the field of electronic payments attract new players interested in the payment business development. Among them are the leading banks, federal retail chains, payment terminal networks, regional companies with large-scale coverage areas, largest online stores, and other service providers. CyberPlat^® system constantly boosts cooperation with government institutions in order to implement user-friendly and affordable features that facilitate the process of payment for public services.

For 15 years of operation in the electronic payment market, the company has been demonstrating a steady growth of such key performance indicators as the number of transactions, the turnover and the number of payment acceptance outlets. To date, CyberPlat^® network consists of more than 760,000 outlets that accept payments in favour of more than 3,000 leading operators of mobile and fixed communications as well as providers of commercial TV, Internet, utilities, security systems and other services, and their number is constantly increasing. The network of CyberPlat^® also enables to replenish banking accounts in a quick and convenient manner as well as repay loans, perform money transfers, pay taxes and traffic police fines, and make other payments in favor of the State.

«For fifteen years of intensive development, the electronic payment market has become a key part of the Russian financial infrastructure. Due to CyberPlat^® innovative solutions, the electronic payment segment has been developing much faster than any other area of Russia’s financial industry. In the coming years we expect the Russian payment infrastructure — one of the most reliable and advanced in the world — to make a qualitative breakthrough, and that is what our company’s economic and social mission is all about,“ says Andrey Gribov, CEO of CyberPlat LLC.

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