National payment operator Rostelecom to launch new electronic currency

Rostelecom, the national telecom operator, is seeking inroads into the country?s financial service market and developing its own payment service

Rostelecom is developing its own payment service, East-West Digital News, the first all English-language online resource dedicated to Russian digital industries, reported yesterday, citing an exchange that the Russian business daily Vedomosti had with two unspecified sources within the telecom operator. Rostelecom Payment System, an interim name for the future product, is expected to start operation in the fourth quarter of this year. Andrey Polyakov, an official spokesman for the operator, confirmed the news, saying that the telecom giant is seeking inroads into the country?s financial service market; putting together its proprietary payment system is a part of what Rostelecom wants to accomplish to achieve its goal. He declined to disclose details. Under the 2011 law on electronic payments Rostelecom is required to obtain a license to legally operate as a non-banking credit entity. Speaking on condition of anonymity, the two Rostelecom employees said that the future service is expected to interact more closely with partner banks than the existing e-wallets, enabling its customers to benefit from popular banking products online ? which they did not specify, however...