Russia’s Central Bank Registers New Kwikpay International Remittance System

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App will allow money transfers from Russia to selected overseas countries

The Central Bank of Russia (CBR) has registered the new Kwikpay international remittance system, the regulator posted on its website. The system was registered in the CBR registry on August 25. The holding company, KwikPay Autent Technology, is an Indian fintech company headquartered in Hyderabad.

When launched, Kwikpay will be able to make transfers from Russia to the CIS countries: Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan, as well as Georgia, Turkey, Mongolia, Israel, and Vietnam. Some Eurozone countries are also included, such as Austria, France, Italy, Finland, the Baltic States, Denmark, and Ireland.

Transfers will pass through the Kwikpay mobile application and has interfaces with Visa and Mastercard accounts. Without opening a bank account, customers with the Kwikpay app can transfer money in Rubles, Dollars and Euros. The remaining transfers, including through units of bank payment agents, replenishment of bank cards, replenishment of the account, and the electronic wallet, are available only in Rubles. The commission is 0-5% of the transfer amount.

The Kwikpay website indicates that its application will be made available on the AppStore and Google Play.

Kwikpay is the second payment system registered by the CBR this year. The regulator in April 2023 registered the Dengi system in the registry, as operated by Kazan-based Bank 131.

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