Bellerage

Businesses relocate to social media

Businesses relocate to social media

On June 27 Russian social media VKontakte started testing its new online payments system (VK Pay).

Payments to be made via VK Pay will be exempted from bank commissions due to cooperation between VKontakte and Gazprombank. At the same time, VKontakte starts business support program to promote VK Pay. Thus, VKontakte plans to create a marketplace with annual turnover up to 100 bln Rubles.

At first, payment functions will become available to the owners of communities who conduct their business mainly via VKontakte. Simultaneously VKontakte will be developing a marketplace for its external partners.