RDIF, Alipay and partners to launch payment system for Aliexpress Russia in 2020

TASS, 22.01.2020

The Russian Direct Investment Fund (RDIF), Mail.ru Group, USM, MegaFon and Alipay will create and put into operation a payment system for Aliexpress Russia e-commerce company, RDIF says on Wednesday.

"RDIF, Mail.ru Group, USM, MegaFon and Alipay are working on a joint project in the sphere of e-payments in Russia. The project will be aimed at implementing payment and financial synergies of members of the joint venture Aliexpress Russia. The parties intend to complete creation of the system and start operations in 2020," the Fund says.

Russian shareholders will have more than 50% in the joint venture, RDIF reports. It is planned to include one of Russian banks into JV, whose infrastructure will be used to support system functioning.

"The JV will utilize Russian technologies and will keep user data in the territory of Russia in full compliance with Russian laws," RDIF said.