PROTECTION CODE FOR YANDEXMONEY PAYMENTS

Updated: 10/25/2008 00:31
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Russian payment system Yandex.Money introduced a new protection feature for individual payments. Now users making transfers to each other can secure

Russian payment system Yandex.Money introduced a new protection feature for individual payments. Now users making transfers to each other can secure their transactions with a protection code.

A protection code is a random number of 4 figures. A recipient won?t be able to avail of the money sent unless he/she enters a protection code set by the sender. The code can be reported via e-mail, SMS or just by spelling it to the recipient over the phone.

A protection code is no new to Russian customers as it has long been used by WebMoney payment processor. Olga Pavlova, one of the executives at Yandex.Money. notes that the main destination of the system is payments for online purchases which requires no code protection. Thus the project was urgent for the company unlike WebMoney which is focusing on P2P payments.

The use of the protection code is free both for a sender and a recipient. Minimal amount to be protected by the code is 30 rubles.

In case a recipient enters the wrong code three times or the payment is expired funds go back to the sender. The expiration time is specified by the sender and can be set at 24 hours to one year.


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