Russian Payment System Links to China

The Russian Chronopay Company, part of the international Chronopay system, connected China's largest provider of Internet payment services, Alipay. Its 62 million users can now pay for goods and services in Russia, which is expected to increase the sales of Russian software in China by 10 percent and to double Chronopay's turnover. Now the Chinese system has links to Russia and the European.
Chronopay is the largest Russian company that services payments over the Internet. It charges a 1.5-percent commission for its services and handler payments worth $250 million last year. The company belongs to a group of individuals, including its president Pavel Vrublevsky.

Alipay processes 780,000 transactions a day in China. Its annual turnover is nearly €10 billion. It is part of the Alibaba Group, which also includes the taobao.com Internet store and the software designer Alisoft. The controlling package in Alibaba belongs to the Chinese division of Yahoo!
Until now, administrative barriers imposed by the Chinese government had prevented sells to China from abroad through the Internet. Alibaba has met the necessary requirement, however. According to Finam, trade in software between Russia and China was worth $500 million last year. Russian software is expensive by Chinese standards, however.