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Yandex.Money teams up with 2Can to launch mobile card reader

0 24 April 2014

Yandex.Money has teamed up with mobile payments startup 2Can to launch a card reader able to accept Visa and Mastercard payments. 

The reader can be plugged into the headphone socket of smartphones and tablets, and is compatible with Apple, Samsung, HTC, LG, Sony and other devices once the user has downloaded the ‘2Can for Yandex Money’ app from Google Play or the App Store

After signing an agreement with Yandex.Money, commercial and charitable organisations will be able to use the readers to accept payments and donations. Yandex will take a fixed 2.5% commission for each transaction. 

2Can, an analogue of US startup Square, recently raised a $5 million Series B round from InVenture Partners, Almaz Capital and ESN Group. Sergey Azyatyan, Managing Partner at InVenture Partners, was impressed by the project’s impressive growth indicators after its total number of transactions processed increased two-hundred fold in 2013. 

The press release also stated that Life.SREDA portfolio project LifePay will soon release an app compatible with the Yandex.Money card reader.

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