Labor migrants will now be able to send money transfers from Russia on credit – the Russian payment system Zolotaya Korona (Golden Crown) will provide them with such an opportunity from October 11.
“At the start, migrants will be able to receive small amounts ranging from 5,000 to 15,000 rubles,” the Chairman of the Zolotaya Korona Board of Directors Nikolai Smirnov told Vedomosti yesterday.
“Interest will not be accrued for 21 days, and then the rate will be 1% per day… Loans will be provided by the microloan company Strana Express, but in the future it is possible to attract new partners,” Smirnov noted.
Meanwhile, Kommersant says 720 million U.S. dollars were sent by physical entities from Russia to the CIS member nations in June this year. This is reportedly the best result over the past three years. The number of labor migrants, who are the main customers of money transfer systems, decreased in 2020-2021; however, their income has grown significantly, Kommersant notes.
This has reportedly provided growth in withdrawal of funds to their homes.
Zolotaya Korona is a Russian payment system that provides a range of consumer payment services, including Cash-2-Cash, Online Card-2-Cash, Online Card-2-Card money transfers, Online Card-2-Cash RUB-USD/EUR exchange service, loan repayments as well as b2b payment services for banks and organizations.
Participants of payment services are 550 banks; geography of operations includes 32 countries. Zolotaya Korona was created in 1994 by CFT Group.
In 2020, the Zolotaya Korona (KoronaPay) payment system had a turnover of over 1 trillion rubles.
