July 14, 2024

Athens News

News in English from Greece

Kwikpay – a new money transfer system from Russia to abroad


On August 25, the Bank of Russia registered a new payment system Kwikpay. It specializes in international money transfers from Russia to the CIS countries, Georgia, Vietnam, as well as some eurozone states, including Greece, Austria, Italy, France, Germany, as follows from the information on the company’s website.

The translation system app is available on Google Play and the App Store. Kwikpay, in accordance with the rules of the payment system, makes transfers through its application from Mir, Visa and Mastercard cards. Without opening a bank account, clients can make transfers through the application in rubles, dollars, euros, as well as through rubles with crediting in dollars / euros / and other national currencies.

All other transfers (through divisions of bank payment agents, replenishment of bank cards, replenishment of an account, electronic wallet) are available only in rubles. The commission is 0-5% of the amount inclusive.

The Central Bank included the new Dengi.ru payment system in the register for the last time in April 2023, which also deals with transfers abroad, and its operator is the Kazan bank for business Bank 131. Prior to this, the regulator’s register was replenished with a cross-border transfer system called Astrasend in the fall of 2022, but in March 2023 it changed its operator – instead of the non-banking credit organization Inkahran, it became Sokolovsky Bank.

The Kwikpay operator, Trubnaya SIV, according to SPARK, was registered in 2019 with an authorized capital of 10,000 rubles. and the status of a small enterprise, the 100% owner of the LLC is Irina Hellmikh. The main activity of the company is the development of computer software, and Yury Mindrin is listed as the general director of LLC.

From the spring of 2022, the Central Bank discloses in the register only the operators of the payment system and its name, without details about which legal entity performs the functions of a clearing (reception of transfer instructions), operational (access to transfer services and messaging) and settlement center (execution transfer orders) for payments. The functionality of the clearing and transaction centers, according to the law, can be combined by the LLC itself, but only a credit institution can be a settlement center.

Perhaps this is done in order to avoid sanctions, or maybe the system itself is an empty shell. In any case, the activities of such organizations should be treated with caution.



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