As part of the agreement, Sberbank has acquired 75 percent interest in the charter funds of Yandex.Money for USD 60 million. The Yandex.Money unit would leverage Sberbanks infrastructure to upgrade latest online payment solutions centered on Yandexs technologies. Yandex.Money, a non-banking credit union working under a license released by the Central Bank of Russia, would continue serving its clients.
The goal of the alliance was to power inventions in online retail payment solutions. The Yandex-Sberbank partnership would create a universal payment solution for all kinds of businesses. It would also make recurring payments and deals trouble-free for both online and offline patrons.
In recent news, Yandex has entered an agreement with UK-based global digital wallet provider Skrill.
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