MegaFon, Mail.ru, USM, Ant Group and Russian Direct Investment Fund (RDIF) have signed binding agreements to create joint ventures (JVs) in payments and financial services. The JVs will work together to offer digital payment solutions and financial services designed to help people to save money, while supporting the growth of e-commerce in Russia. Meanwhile, MTN has struck a partnership with Mastercard to enable its 20 million mobile money customers to use international e-commerce platforms through their electronic wallets.
Myriad mobile operators have now forged partnerships with global payments providers, allowing local consumers and businesses to engage in online marketplaces and cross-border commerce. For MegaFon, the Russian JVs will complement its digital ecosystem strategy and revenue diversification efforts. MTN’s tie-up with Mastercard will help to promote financial inclusion across the operator’s footprint and provide users of its MoMo mobile money service with new opportunities to transact online even if they do not hold a traditional bank account.