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The image is the payment terminal by Square
How does it work?
Similar to Square, users can download their free iOS or Android app and receive a free card-reader, which will enable them to securely transfer money directly from bank cards to his or her mobile phone.
The service has yet to launch, but those interested users can preregister to be notified when it goes live. For the moment, only those with Visa or Mastercard will be able to make use of this payment-service.
“Life.Sreda”, which is investing in this startup, is a venture fund which was established earlier this year by the finance group “Life” and which will be used as a vehicle for funding promising mobile. The fund has an initial $10 million dollars (~7,8 million euros), so this investment in Life-Pay would likely consist of essentially a quarter of their available funds.
This company was developed just 100 days ago, so they’re presently focused on Russia and the former Soviet Union. However, the startup’s CEO, Vyacheslav Semenchuk says that they hope to develop an international presence.
Here is more in Russian.
Whether utilizing sensors in traditional credit cards, NFC, or other technology, there has been a major push in recent years to replace credit cards as the preferred method of payment, much as they replaced cash. In this instance, it seems that Life-pay’s primary competition will be Square, Swedish iZettle or the Rocket Internet clone Payleven. In Russia the competition includes iPay, the payment terminal launched by the Russian mobile operator MTS and Privatbank, Yandex.money and Pay-me.
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