Alpha Fintech, a leader in providing third party financial technology solution access through its AlphaHub platform, has today announced a partnership with Payture, a leading payment gateway in the CIS region.
The AlphaHub is a fintech vendor management platform that provides access to a library of vendors through one dynamic API and user interface. Alpha Fintech aims to foster innovation by introducing standarised third-party vendor access.
Through this partnership, the AlphaHub will offer support for payments in Russia and Kazahkstan through Payture’s gateway service, including support for the recently launched Mir payment card system and compliance with Federal Law 54 for eCommerce.
“The partnership of Payture and Alpha Fintech opens the new opportunities in the markets of Russia and CIS, for all vendors without exception. We are opening all possible payment solutions with minimal development costs for merchants: host2host internet acquiring with top10 russian acquiring banks and CIS acquirers, cash-in terminals, Apple Pay, Android Pay, Samsung Pay, Google Wallet and other alternative MOPS, all of the transactions will be supported with 54 th federal law for Russian entities. And it does not matter from what country the payment is made, our merchants can be assured of the absolute quality of the payment services we provide,” commented Ruslan Mannanov, CCO of Payture.
In 2016 the Russian eCommerce market was worth $15.7 billion and is expected to reach a value of $17.1 billion in 2017. Foreign retailers accounted for $5.2 billion of this figure in 2016 – a third of the market.
Rónán Gallagher, Chief Product Officer of Alpha Fintech said of the partnership, “Alpha Fintech are excited to partner with Payture to support our clients who are interested in entering the Russian and CIS markets. With the World Cup kicking off in Russia next year, Alpha Fintech and Payture are sure to make a great team, helping eCommerce merchants to win off the pitch in Russia.”
Some of Alpha Fintech’s initial users of the Payture integration include businesses aiming to access the Russian e-travel consumer market, one of the largest segments of the Russian e-commerce market as a whole. Roughly 10 million people make up the Russian e-travel consumer market, which has annual growth of around 30%.