YooMoney (ЮMoney)

YooMoney is the second most popular online payment service in the Russian digital space. YooMoney is a service for online shopping, bill payments (for example, utilities or traffic fines), or other everyday spendings. There are 60 million registered wallets in the service. The Yandex.Money electronic payment service was launched on July 24, 2002, as a joint project of Yandex and Russian payment service PayCash. In this partnership, PayCash provided a technology platform, and Yandex provided tools for working with a mass audience. Initially, Yandex.Money worked through a separate wallet application, and since 2005 the service has been implemented as a web service accessible through a browser. This technological solution contributed to growth: in 2006 Yandex.Money attracted twice as many users as in the previous year, and by 2007 the audience of the service reached 1.5 million people. In April 2007, Yandex bought a 50% stake in a partner in the project and reorganized Yandex.Money under the new legal entity. On September 17, 2020, the company announced a rebranding - the electronic payment service changed its name to YooMoney and the payment solution for business changed to YooKassa (formerly Yandex.Kassa).