Russian Post plans electronic money transfers with US, Japan
Russia’s state-owned Russian Post company plans to launch an electronic money transfer system with the U.S., Japan and France in 2004, the company’s General Director Igor Syrtsov said at the International telecommunications exhibition in Geneva.
By the end of this year, the company also plans to start carrying out electronic money transfers with Kazakhstan and Belarus, he said.
In early October, the company started electronic money transfers with Ukraine.
Russian Post’s electronic money transfer system will be able to compete successfully with similar services provided by banks because it will be available in numerous post offices across the country, while the number of bank branches is limited, Syrtsov said.
Syrtsov also said that Russian Post is expected to become a state-owned joint stock company in two years.
Russian Post has 42,000 post offices across Russia.
The company’s turnover is expected to exceed U.S. $1 billion this year.
