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August 11, 2017

Russia’s electronic payments market turns 19 years

Russia’s electronic payments market — that has become a part of the Russia’s strategic IT infrastructure — has turned 19 years: on August 12, 1998 the CyberPlat® system was used to send the first online payment to a mobile operator.

The successful transaction for topping up an account of the Beeline’s subscriber made on August 12, 1998 became a starting point in the development of an all-new segment in the Russian economy tied with servicing online payments. From that point onwards new settlement technologies were being introduced by mobile operators and product suppliers from many economic fields.

As of today, the CyberPlat® system accepts payments towards mobile and landline operators, cable television, ISPs, security alarm systems, utility agencies and energy service companies. In the system you can also pay for the flight and train tickets, tourist tours, repay bank loans and credits, and make money transfers and payments to the public authorities.

An important step in the electronic payments market development was establishment of the payment infrastructure that included banks, extensive e-retail networks, payment terminal networks and other participants of the e-commerce market. CyberPlat formed partnerships giving favor to major companies with a worked out technological and corporate structure that were pushing the business forward.

Transaction security issues remain the most serious challenge for the market. As of today, CyberPlat® remains a leader in terms of technological effectiveness and IT security of payment services. Highest performance, reliability, fail-safety, and continuity of the electronic payments system are topped off with total transaction security: in 19 years of the system operation there was not a single case of information breach.

It’s been almost two decades since CyberPlat® rolled out to the market a brand new high-tech solution that became a part of the strategic IT infrastructure and strong accelerator of the Russia’s economy growth. In short term we created in Russia a branched payment infrastructure of micropayments, and modern financial technologies have become accessible to every part of Russia, even the remote ones. We work for the convenience of people and the profitability of business. For that purpose CyberPlat® while successfully competing with foreign counterparts offers its own highly effective IT solutions, develops multifunctional payment services, constantly expands its range of products in the electronic settlement segment," says CEO of the CyberPlat® electronic payment system, Andrey Gribov.

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