KoronaPay
Operating area | Russia, CIS, Europe |
---|---|
Members | 550 |
Founded | 1994 |
Website | https://koronapay.com/ |
KoronaPay (Russian: Золотая Корона / Zolotaya Korona, literally - Golden Crown) is a Russian payment system that provides a range of consumer payment services, including Cash-2-Cash, Online Card-2-Cash, Online Card-2-Card money transfers, Online Card-2-Cash RUB-USD/EUR exchange service, loan repayments as well as b2b payment services for banks and organizations. Zolotaya Korona is officially recognized as socially important payment system in Kazakhstan.
Participants of payment services are 550 banks, geography of operations includes 32 countries. Zolotaya Korona was created in 1994 by CFT Group.
In 2020, the Zolotaya Korona (KoronaPay) payment system had a turnover of over 1 trillion roubles.[1]
History[]
Payment system Zolotaya Korona was founded in 1994 in Novosibirsk. By 1999 it united 144 participants in 58 regions of Russian Federation. In 2001 it implemented support of emission and acquiring of chip Debit/Credit cards according to EMV specifications.
In 2006 Russian payment system Zolotaya Korona won open tender of Novosibirsk city hall for supply of Social cards.[2]
In 2008 Zolotaya Korona became a laureate of biggest national award in financial sphere "Financial elite of the South" in nomination "Most reliable bank card".[3]
In October 2009, Zolotaya Korona became a member of "Sibirian Transport Union".[4]
Zolotaya Korona technology is used in Turkmenistan (Turkmencard), Kyrgyzstan (AlayCard), and national credit organization "ElBank-Lucas" (Poland).
In 2012 operation of Zolotaya Korona was prohibited in the territory of Armenia because of the violation of law and licence.
In September 2013 Zolotaya Korona was officially recognized as socially important payment system by the Central Bank of Russia.[5]
In October 2016 Ukraine banned operations of Zolotaya Korona and all other Russian payment systems as part of its sanction policy against the Russian military intervention in Ukraine.[6]
In February 2017 Zolotaya Korona was officially recognized as socially important payment system by National Bank of Kazakhstan.[7]
In 2018 Zolotaya Korona was recognized as the best system for P2P money transfers without a bank account based on the results of a cross-industry payment market study, “P2P money transfers in Russia 2018”, conducted by Frank RG.[8]
On March 25, 2021, Central Bank of Russia excluded Zolotaya Korona from the registry of socially important payment systems.[9]
European launch[]
In December 2018, KoronaPay Europe Limited was granted an Electronic Money Institution (EMI) license №115.1.3.30/2018 by the Central Bank of Cyprus.[10]
The license authorizes KoronaPay to conduct the following types of activity in the European Economic Area:
- Electronic money issuance
- Payment transactions processing
- Money remittance
In May 2020, KoronaPay launched its operations on the European online money transfer market. The service became available in 31 countries including the EU, the UK, Norway, Iceland, and Lichtenstein.
According to the European Banking Authority May 2021 data, the KoronaPay money transfer service is available in the following European countries:
- Germany
- Italy
- Austria
- Belgium
- Bulgaria
- Czech Republic
- Slovakia
- Norway
- Poland
- Portugal
- Romania
- Sweden
- Slovenia
- Liechtenstein
- Lithuania
- Luxembourg
- Latvia
- Malta
- Netherlands
- Greece
- Croatia
- Hungary
- Ireland
- Iceland
- Denmark
- Estonia
- Spain
- Finland
- France [11]
At the first stage, KoronaPay Europe Limited is focusing on money transfers from Europe to Russia and other CIS countries. The Russia/CIS – Europe corridors will be launched at the next stage followed by the expansion of the service to intra-European corridors.[12]
In its first year of operation on the European market (May 2020 – May 2021), the remittance volume has increased 20-fold. KoronaPay customers in Europe perform over 50,000 transactions per month.
KoronaPay’s launch in Poland was viewed by some finance experts as a serious challenge to the leading fintech companies present in the region, especially in the segment of P2P money transfers to Ukraine.[13]
Over a six-month period, a KoronaPay user in Europe can send: up to 1,000 EUR with no proof of identity required; up to 5,000 EUR – proof of identity required (passport or other ID); up to 15,000 EUR – proof of address required; over 15,000 EUR – proof of income required.[14]
As of May 2021, KoronaPay does not charge any commission fee on money transfers and claims to keep a minimum exchange rate margin, less than 0.5 per cent.[15]
The KoronaPay business model, according to the company’s top management, is based on making profit from provision of extra services (e.g. e-wallets, prepaid cards, service charges, etc.) that are planned to go live in 2022.[16]
Products and services[]
Money transfer - Cash-2-Cash, Online Card-2-Cash, Online Card-2-Card money transfers.
Online RUB-USD/EUR Exchange - 24/7 Card-2-Cash service.
Bank cards - debit, credit, prepaid, corporate, etc.
Loan repayments - Cash-based payments in bank and retail POS network.
Transport and social cards - Zolotaya Korona projects in Chelyabinsk, Novosibirsk, Samara, Omsk, Orenburg, Gorno-Altaysk.
Loyalty cards - bonus, gift, discount, prepaid, etc.
References[]
- ^ Nikolay Smirnov, Chairman of the Board of Directors of the Golden Crown, on borders, Cyprus and the coronavirus. "«Рынок кредитования мигрантов оказался сложнее, чем я думал»". Коммерсантъ. Retrieved 8 June 2021.CS1 maint: multiple names: authors list (link)
- ^ "Novosibirsk launches transport card project (С 1 августа в Новосибирске вводится транспортная карта)". Novosibirsk official web-site. 5 July 2006. Retrieved 20 January 2010.
- ^ "Ceremony 2008". 22 November 2008. Retrieved 20 January 2010.
- ^ "RPS "Zolotaya Korona" becomes a member of "Sibirian Transport Union"". 22 October 2009. Retrieved 20 January 2010.
- ^ "Social Importance in Russia". Коммерсантъ. 2013. Retrieved 27 September 2013.
- ^ Read more on UNIAN: http://www.unian.info/economics/1593536-russian-payment-systems-seeking-ways-to-bypass-ukraine-sanctions-media.html
- ^ "Social Importance in Kazakhstan". 2017. Retrieved 15 February 2017.
- ^ Individuals prefer P2P transfers by phone number: research (21 August 2018). "Физлица предпочитают P2P-переводы по номеру телефона: исследование » Платежный бизнес". PLUSworld.ru – единое медийное пространство, охватывающее финансовое обслуживание населения, банковскую розницу и платежную индустрию. (in Russian). Retrieved 8 June 2021.
- ^ "Список социально значимых платежных систем РФ пополнила Western Union и покинула «Золотая корона»". Банки.ру (in Russian). Retrieved 8 June 2021.
- ^ "Public Register of Electronic Money Institutions authorised by the Central Bank of Cyprus by virtue of the powers vested in it under the provisions of the Electronic Money Law of 2012".
- ^ "EUCLID - Register". euclid.eba.europa.eu. Retrieved 8 June 2021.
- ^ Zolotaya Korona entered the European market under the KoronaPay brand. "«Золотая корона» вышла на европейский рынок под брендом KoronaPay". РБК (in Russian). Retrieved 8 June 2021.
- ^ Fintech Spoko has another competition in transfers to the East. KoronaPay starts in Poland. "Fintech Spoko ma kolejną konkurencję w przekazach na Wschód. W Polsce startuje KoronaPay". www.cashless.pl (in Polish). Retrieved 8 June 2021.
- ^ "How much can I send?". KoronaPay. Retrieved 8 June 2021.
- ^ "Cost of transfer". KoronaPay. Retrieved 8 June 2021.
- ^ Zolotaya Korona entered the European market under the KoronaPay brand. "«Золотая корона» вышла на европейский рынок под брендом KoronaPay". РБК (in Russian). Retrieved 8 June 2021.
External links[]
- Financial services companies established in 1994
- Financial services companies of Russia
- Companies based in Novosibirsk
- Interbank networks
- Credit cards
- Russian brands
- Products introduced in 1994