Yandex's fintech division has introduced the updated "Yandex Pay" service (formerly Yandex Pay), designed for effective financial management. Users of the service are promised the following features:
- Online payment for goods and services using cards from any Russian bank, accumulating 1% Plus points in addition to the main cashback.
- Offline payments using the "Yandex Pay" digital card via NFC or QR.
- The ability to split the payment for goods for up to two years without an initial payment on favorable terms.
- Receiving daily payments from "Savings" – savings accounts with a rate of 13% for the first three months.
For those who have already used Yandex services, the transition to using "Yandex Pay" for payment is instant – no re-registration or card data entry is required. All data is stored in encrypted form, according to the international security standard PCI DSS 4.0. Access to the service is securely protected by the Yandex ID single account system.
"Pay" users have access to online card payments from any Russian bank in Yandex services and thousands of online stores. It is also possible to receive "Plus" points — an additional 1% for all purchases on top of the main bank's cashback. In addition, special promotions with partners, including Skyeng, re:Store, Motherbear, Xiaomi, Samsung Galaxy Store, and others, can add up to 10% cashback in points.
The "Yandex Pay" application also allows offline payments using the "Yandex Pay" digital debit card of the "Mir" payment system. Users of Android-based devices can use NFC to pay with the "Pay" card and make purchases using their smartphone – simply hold it to the payment terminal. Payment via QR code is also provided; it must also be scanned through the "Yandex Pay" application.
In addition to the above, "Pay" offers a convenient partial payment system. Users can split the cost of goods for up to 24 months to make important purchases without delays. Furthermore, the application provides management of "Savings" – a new savings product with an interest rate of 13% per annum for the first three months and daily interest payments. Currently, the service is operating in early access mode and will gradually become available to all users.
