Steering steadily with 18 years of experience as an enabler for electronic payments, CyberPlat Electronic Payment System has made a pioneering inroad in the global fin-tech industry. CyberPlat is best defined as the first Russian electronic payment system. In an exclusive interaction with Voice&Data, Alok Jha, Managing Director of CyberPlat India, reveals how CyberPlat has grown to become a formidable player in the payment industry in India. Excerpts from the interaction:
Voice&Data: CyberPlat got into the payment system much before most current top players in the segment. Could you explain its origin and how it has grown till date?
Alok Jha: CyberPlat is historically the first Russian electronic payment system. This integrated multibank internet payment system was introduced in 1997, within the e-commerce department of Platina Bank, with an aim to provide IT-support for effecting cashless transactions in all financial services of e-commerce sector from micro payments to interbank transactions. The first online payment was effected on March 18, 1998 for the Garant-Park Company in Moscow and the first payment to a cellular communication operator, Beeline, was done on August 12, 1998. In 2000, CyberPlat was incorporated as a separate open joint stock company. By the end of 2015, the company’s system was processing payments made in favor of more than 4,700 service providers including mobile and stationary communication companies, cable TV and wire-based and mobile Internet providers, security alarm systems, utility and power supply companies virtually in all regions of the Russian Federation.
CyberPlat has been in operation for 18 years and is the largest, most reliable and well-adjusted electronic payment system in Russia and CIS countries along with Germany, Austria and India. Due to constant upgrading of its technological platform, CyberPlat payment system is currently capable of processing more than 1400 financial transactions per second.
Voice&Data: When did CyberPlat foray into India and how does it cater to the Indian electronic payment industry?
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