Yandex.Money is a payment system of famous Russian-language search engine Yandex.
The system Yandex.Money originates in 2002. The technology of payment system Pycash was used while Yandex.Money system creation. From the very beginning, it was created as a joint product, but on March 30, 2007 Yandex.Money reacquired full share fraction and became fully legitimate owner of the payment system.
New version of service allowing working with the system in "web interface" was realized in September 2005.
In 2008 the payment system made revolutionary breakthrough - new mean of account funding and withdrawal using cards was introduced into the system.
In 2009 revised version of Internet.Wallet was launched.
At present moment, more than 3000 new accounts are being opened and more than 20 000 operations are executed daily in the system Yandex.Money.
Country. Legal space
Legal space of the payment system Yandex.Money is the Russian Federation.
The only currency which is operated in Yandex.Money system is Russian ruble. However, in 2007 partnership contracts were concluded between the companies "Internet Money" and "Yandex.Money" due to which Ukrainian advertisers got an opportunity to pay for advertising campaigns in Yandex.Direct in hruvnia.
System peculiarities. Intended purpose
The system Yandex.Money is not destined only for payments connected with business activity. Intended purpose for physical person and private or family needs is fully described in the agreement on the system use.
All funds in the system Yandex.Money is guaranteed by real bank accounts in the following banks:
- Bank Tavrichesky
Registration in the system
To use the payment system by web interface it is necessary to register at Yandex website, then authorize Yandex.Wallet, set password and designate the passport data.
Software. Browsers and platforms
There are two methods of operation with the system: by Yandex.Wallet, web interface, an access to which is available at any PC, and Internet. Wallet is specialized software which is installed on to user computer.
Yandex uses unified authorization system, so in the interface Yandex.Money authorization occurs at the same time as authorization in any other Yandex service. You can manage your payments in interface from any computer and any browser.
Internet.Wallet works with all systems of OS Windows. Wallet can be launched applying emulation programs of the OS Windows.
Registering in the system it is necessary to designate your passport data. Also if preferred, it is possible to pass through the procedure of user identification by the system CONTACT. It is required for Yandex.Money to be able to return all money deposited to virtual account in case of password loss or program files damage.
Yandex.Money takes care about high confidentiality of executed operations, every system user can choose if he/she wants to declare his/her identity.
Cryptography and security
Electronic payment system Yandex.Money works with Paycash technology protected by four patents of the Russian Federation and providing high security and safety of the system work. To protect system users there are used different means of information security: random number generators, method of providing money obligations; "The way of payments execution (variants)", control of the critical data integrity with the help of CRC, hash-functions and others.
The system provides additional opportunities of funds protection by payment confirmation. User can set up the mode of confirmation himself.
At present moment, there are several possibilities of payment confirmation in the system:
• Payment password. It is more secure authorization system. Every executed transaction is confirmed by the payment password chosen by a client. Payment password is transferred by code channels, which excludes any possibility of line-tap, except the cases when user consciously chooses the option "use payment password as usual". After 5 failed attempts to enter incorrect payment password, access to the payment services, protected by the payment password, will be temporarily blocked.
• Intense authorization. It is a service which allows securing Yandex.Money account against the majority of known crack methods. This mean of protection is alternative to the payment password system. After the switch to intense authorization user does not hazard his/her account to be cracked or payment password to be intercepted because instead of password you will have to enter new number of symbols for every transaction.
Switch to intense authorization costs 30 rubles which is paid once connecting to the service. In future, linking from one type of intense authorization to another one is made free.
Money deposit and withdrawal
The payment system Yandex.Money works with all Russian banks and does not work with foreign banks. It also maintains a cooperative association with some Russian banks which allows it to provide system users with discounts and some bank services.
It is possible to deposit money to Yandex.Money account in the following way:
• Debit card of the Russian bank for development, in this case payment is processed during an hour;
• Yandex.Money pre-paid cards, period of processing - instantly;
• Cash payment by terminals, offices and bank branch offices - instant or during a day processing;
• By ATM - instantly;
• Bank transfer - approximately 2-3 bank days;
• Money deposit from other payment systems or using an appropriate service of Yandex.Money, or contacting automatic e-currency exchanger.
You can withdraw money from the payment system Yandex.Money in the following way:
• Transfer money to a Russian bank account with opportunity of getting cash without opening bank account;
• Withdraw money to the Russian bank for development card;
• Get cash without opening an account in any office of the payment system CONTACT.
Fees. System commissions
Transferring funds from one virtual account to another, sender is charged 0.5 % commission of the amount of transfer. Exchanging e-money: 3% commission is debited from the person exchanging Yandex.Money to another currency; 0.5% is debited from receiver of payment from an exchanger to the Yandex.Money account.
Also Yandex.Money charges 1 % for deposits made using OSMP terminals.
Micro and macro payments
Minimal payment in the system is 1 ruble. Maximal amount of repayment 300 000 rubles per day. Maximal amount of transfer between accounts is 300 000 rubles per day. All other cases depend on seller and buyer.
• с зарегистрированной банковской карты РБР установлен лимит - в 5000 рублей в день;
• Using bank transfer - not less than 50 rubles and not more than 300 000 in a single payment (banks may set up their own limits);
• Using internet-banking system (system Telebank VTB24) - not more than 10 000 rubles;
• By VTB 24 ATM - from 1500 rubles to 100 000 rubles
Withdrawing funds from the system Yandex.Money:
• in the system CONTACT minimal payment is 100 rubles
Bookkeeping and taxes
All documents between the system Yandex.Money and users are processed in electronic variant, herewith Yandex.Money executes payment for services as on the instructions of organization which renders appropriate services on the basis of independent contract between the company and the payment system. Yandex.Money Support Service provides only scanned copies of payment orders.
Only private individual may open an account with the system Yandex.Money, it is written in the Agreement that system usage for business activity is prohibited. Legal entities have no right to deposit money to the virtual account in the system and it is also prohibited to deposit money to the account of legal entity.
Payment system Yandex.Money does not provide crediting.
There are diphase payments with protection code in the system. Protection code is an instrument of deal additional protection. Usefulness of its usage consists in cases when there is apprehension that payment might be requested back.
If user forgets a protection code, it can be seen at the page of payment details. Usage of protection code does not increase the fees.
Internet.Wallet can be recovered if user has backup copy. Herewith it is necessary to install the wallet and replace folders Data and DB with backup copies, synchronization of files will occur.
If Internet.Wallet was entirely missed, there is a possibility of money return to a new account in case user designated his/her passport data.
Advantages and disadvantages
Advantages of the payment system Yandex.Money:
• easy and convenient registration;
• convenient interface;
• possibility of payment for wide range of services;
• possibility of Internet.Wallet usage at any computer;
• simplicity of authorization, minimum additional actions while payment sending;
• possibility of account replenishment by bank transfer from any private individual's account.
Disadvantages of the e-payment system:
• high commission for withdrawal funds from the payment system;
• restraint to use payment system for commercial purposes;
• possibility of operation with only one currency;
• orientation to the Russian Federation and its residents.