9 November 2016

Odnoklassniki social network launches money transfers to Ukraine

Odnoklassniki social network expands its services and launches money transfers to Ukraine starting from November 9, according to its PR office. Odnoklassniki and VTB24 launched a service of money transfers between the users of this social network in February 2016.

Earlier it was reported that transfers can be made using MasterCard and Visa cards issued by the Russian banks and tied to user profiles in Odnoklassniki. The sender needs to specify the recipient, the amount of funds and the number of the card to be debited, while the beneficiary's card number is requested from the user to whom this amount will be transferred. If the transfer is not accepted within 3 days, the money will be returned to the bank card of the sender. The minimum amount of transfer is RUB 100, the maximum amount is RUB 8,000. The social network will charge a fee of RUB 30 if the amount of transfer is below RUB 500, and RUB 60 if it is above the given sum.

As previously reported, transfers can be made using MasterCard and Visa cards. Technical maintenance of the service is ensured by processing companies MultiCarta (a subsidiary of VTB Group) and Mail.Ru Group. On October 18, 2016, Ukraine imposed sanctions on the following Russian payment systems: Zolotaya Korona, Kolibri (Sberbank), International Money Transfers System Leader, Unistream, Anelik, and Blizko.

According to the statistics of the National Bank of Ukraine, in 2015 Russia was the leader in providing cash flows to this country, despite the deterioration in the Ukrainian-Russian relations. The volume of such transfers fell by 42.5% as compared to 2014, but still exceeded USD 1.2 billion (29.2% of all foreign transfers). According to the Ukrainian regulator, in total, the Ukrainian received USD 2.5 billion from abroad last year, which is by 34.9 % less than in 2014.