Foreign Money Transfer System MoneyGram will leave Russia
The MoneyGram system will submit an application for refusal to register with the Central Bank and stop independent work in the market. Earlier MoneyGram signed an agreement with the Zolotaya Korona payment system, now all transfers to Russia will go through its points of issue.
This decision may be related to the tightening of the Central Bank's requirements: last year, operators of foreign payment systems were obliged to create the entire infrastructure in Russia, in particular, settlement and processing centers. According to experts, in recent years, market players have been forced to compete not only with each other, but also with government infrastructure projects, for example, with the Central Bank's fast payment system.
The American MoneyGram system is one of the leaders in the world money transfer market and operates in 200 countries. According to expert estimates, it ranks second in the world after the Western Union payment system.
Earlier PayPal refused from internal transfers in Russia. The company took this step due to the change in the business model in the country. Last year, the profit of the service for domestic operations amounted to only four percent.