iPay

What iPay does

iPay (legal entity СООО «АЙ ПЭЙ», a Belarusian private limited liability company) is the official aggregator of Belarus's national ERIP (АИС «Расчет») payment system and the operator of Belarus's first multi-operator mobile payment system. Founded on December 2, 2008 and headquartered at pr. Masherova 25, office 609, Minsk, the company has been a resident of the Belarus High-Tech Park (ПВТ) since April 2, 2019, and is PCI DSS certified. iPay processes 10.5 million payments per month across 1,200+ service providers and approximately 1 million individual users.

The platform spans three primary product lines: (1) the iPay Агрегатор, a software-technical complex providing ON-LINE (API), FTP-server, Personal Account, and Simple (email) integration modes with the ERIP rail; (2) carrier-billed mobile payments covering MTS and Life subscribers via SMS short number 553 and personal accounts at mts.rbank.by and life.rbank.by, with R-Bank electronic money issued by Paritetbank; and (3) the КШП.БЕЛ / Smart Cafeteria vertical for educational institutions, including a parent dashboard, school administration tools, canteen operator modules, and a Smart Cafeteria mobile app with QR-code badge payments. Adjacent services include E-POS QR-code merchant acceptance, internet acquiring (Visa, MasterCard, BELCARD), SMS/USSD payments via 5533, and bulk SMS marketing.

The company monetizes entirely on transaction fees and one subscription product: ERIP aggregation from 0.8% per transaction (no monthly fee), E-POS at 1.2% monthly on payment volume, mobile payments at 4.5% for MTS and Life subscribers, gambling settlement systems for operators, and SMS marketing at 22.00 BYN/month plus 0.0685 BYN per message. Customers include ОАО «НКФО ЕРИП» (state system operator), the School Nutrition Combine of Minsk, gambling operators, and SMBs across utilities, telecom, internet, education, and e-commerce. Distribution is concentrated in Belarus, executed through iPay's website, 21 partner banks, mobile operator portals, and an ~18,000-point bank service network.

Name

iPay

Legal name

Совместное общество с ограниченной ответственностью «АЙ ПЭЙ»

Website

https://ipay.by

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

iPay is Belarus's official ERIP aggregator and operates the country's only multi-operator mobile payment system, processing 10.5 million payments monthly across 1,200+ service providers and 1 million users.

Ownership category

akta.pro rank

Product category

Payment Aggregation Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Educational Services (611)

SIC

Finance Services (6199), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

iPaaS & Workflow Automation (BPAMAOAB)

akta.pro secondary industries

Billing, Tuition, Fees & Payments (including Cafeteria/Meal Accounts) (EDAFAEAN), Payments, Cashiering & Payment Plans (EDALAJAE), A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB), iPaaS (Cloud Integration Platforms) (HDAEAIAB)

Keywords

• Payment aggregation services
• Mobile payment processing
• Internet acquiring services
• QR-code payment solutions
• School payment systems

Headquarters

HQ city

Minsk

HQ country

Belarus

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. ERIP Payment Aggregation: Transaction fee charged to business clients (service producers) for processing payments through the ERIP system. Tariffs start at 0.8% per transaction with no monthly subscription fee. This is the primary revenue stream as the official ERIP aggregator.
2. Mobile Payment Processing (Electronic Money): Commission of 4.5% charged to mobile subscribers (MTS and Life) for payments made from mobile phone balance through the iPay electronic money system. Revenue shared with the R-Bank issuing bank and mobile operators.
3. E-POS QR-Code Payment Service: Monthly commission of 1.2% on total payment volumes processed through the E-POS QR-code service. Free connection and no subscription fee. Revenue generated from transaction volume.
4. SMS Marketing: Monthly subscription fee of 22.00 BYN for alphanumeric sender name plus 0.0685 BYN per SMS processed. Revenue from business clients sending mass informational SMS campaigns to their customers.
5. Internet Acquiring: Revenue from internet merchant acquiring services, enabling online businesses to accept bank card payments. Commission-based model with rates not publicly disclosed.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

iPay is the official ERIP aggregator in Belarus, providing a payment aggregation platform that connects merchants and service providers to the national ERIP 'Calculation' payment system. The company enables businesses to accept payments via bank cards, mobile phone balances (MTS and Life), and QR-codes, while also operating the KShP.BEL school nutrition payment system. Services span internet acquiring, E-POS QR-code payments, SMS/USSD payments, gambling settlement, and specialized school meal payment infrastructure.

Product overview

iPay is a comprehensive payment services platform operating as an official ERIP aggregator in Belarus. The portfolio centers on the iPay Агрегатор core service for ERIP payment acceptance, complemented by Internet Acquiring for card payments and E-POS QR-code solutions. Mobile payment sub-brands iPay-МТС and iPay-Life enable carrier-billed transactions. Specialized modules include КШП.БЕЛ/Школьное питание for school meal payments and Умный Буфет for QR-based canteen purchases, Оплата кружков for extracurricular activity billing, the Gambling Settlement System for gaming industry payments, and SMS-маркетинг for promotional messaging. The platform processed 10.5 million monthly payments across 1,200+ service providers serving 1 million users over 17 years of operation.

Differentiator

Problem solved

Functional benefit

Brands

• iPay: Mobile payment service allowing payment from mobile phone balance
• КШП.БЕЛ (КШП.БЕЛ)
• Умный Буфет (Smart Cafeteria)
• E-POS
• iPay-Агрегатор

Products and services

• iPay Aggregator (Подключение к ЕРИП) iPay's core aggregator service connecting merchants and service providers to the national ERIP (АИС «Расчет») payment system, enabling acceptance of online payments via bank cards, mobile phone balances, bank branches, ATMs, internet banking, and SMS. Supports multiple integration modes: Simple (via email), Personal Account, FTP-server, and ON-LINE (API). Commission starts from 0.8% per transaction with no monthly subscription fee.
• Internet Acquiring (Интернет-эквайринг) Bank card payment acceptance service for online stores and digital services, supporting Visa, MasterCard, and BELCARD, with high processing speed, detailed analytics, and customizable payment pages. Enables Belarusian e-commerce merchants to accept online card payments via iPay's processing center.
• E-POS (QR-code Payment Service) QR-code based payment acceptance service through ERIP. Generates unique QR codes that customers scan to access secure ERIP payment pages, enabling checkout-free transactions with 1.2% monthly commission on payment volumes and free connection with no subscription fee. Includes anti-fraud protection preventing unauthorized QR code injection.
• iPay-MTS (Mobile Payments for MTS Subscribers) Mobile payment service for MTS subscribers enabling payment for goods and services directly from mobile phone balance via SMS to short number 553 or through the personal account at mts.rbank.by. Commission of 4.5%, minimum 1 kopeck. Enables quick, registration-free payments without bank cards or e-wallet setup.
• iPay-Life (Mobile Payments for Life Subscribers) Mobile payment service for Life (Белорусская сеть телекоммуникаций) subscribers enabling payment for goods and services directly from mobile phone balance via SMS to short number 553 or through the personal account at life.rbank.by or the «Мой Life» mobile app. Commission of 4.5%, minimum 1 kopeck.
• School Meals (Школьное питание) — Business Edition Comprehensive system for automated accounting, planning, and payment collection for school cafeteria meals in Belarusian educational institutions, integrated with ERIP for payment processing. Enables schools and school nutrition combines (КШП) to manage student meal accounts and accept parent payments.
• KShP.BEL (КШП.БЕЛ School Nutrition System) Comprehensive software solution for school cafeteria operations including student account management, meal tracking, parent notifications, and financial reporting for educational institutions. Includes parent dashboard, school administration tools, and canteen operator modules. The largest provider of school nutrition payment services in Belarus's general education sector.
• Smart Cafeteria (Умный Буфет) Mobile application enabling QR-code based payments for school cafeteria purchases. Students display QR codes on badges for cashier scanning, with funds deducted from prepaid accounts. Includes photo identification and daily spending limits. Available for Android (play.google.com/store/apps/details?id=by.besmart.schoolwallet) and iOS (apps.apple.com/by/app/ipay-school-wallet/id1550782143).
• Extracurricular Activities Payments (Оплата кружков) Automated system for tracking and collecting payments for school extracurricular activities and clubs, integrated with the school meals system for unified parent billing via ERIP.
• Gambling Settlement System (Сервис расчетов игорного бизнеса) Specialized payment service for gaming businesses enabling real-time player account top-ups and winnings payouts through ERIP, SMS payments, and internet acquiring. Active since 2015 with Belarusian gambling operators including СтатусКво, Золотой Фараон, Бизон Бет, БК Марафон, Спорт-пари.
• SMS Marketing (SMS-Маркетинг) Bulk SMS messaging service for retail businesses enabling promotional notifications, announcements, special offers, and advertising to customers on Life, MTS, and A1 networks. Monthly subscription fee of 22.00 BYN for alphanumeric sender name plus 0.0685 BYN per SMS processed.
• SMS/USSD Payment (SMS-оплата, USSD-оплата) Mobile payment via SMS to short number 553 and USSD, enabling balance-based payments for services without requiring registration, contracts, or e-wallet setup. SMS to number 553 is free; SMS to number 5533 costs 0.08 BYN with VAT.

Quantifiable outcome

• 10.5 million payments processed per month
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• ОАО «НКФО ЕРИП» (ERIP — Electronic Payment System)coreStrategic or Co-development PartneriPay is the official ERIP aggregator since 2011, providing technical integration between ERIP (the national automated information system 'Calculation') and service producers. This is the foundational partnership enabling all ERIP-based payment services. The Chairman of the Board of ОАО 'НКФО ЕРИП' issued an official statement praising iPay as a reliable partner.
• СООО «Мобильные ТелеСистемы» (МТС — Mobile TeleSystems)coreStrategic or Co-development PartnerMTS is a key mobile network partner enabling iPay mobile payments for MTS subscribers. Users can pay goods and services from their mobile balance via SMS to 553 or through the personal account at mts.rbank.by. iPay-MTS portal is co-branded and operated with R-Bank.
• ЗАО «Белорусская сеть телекоммуникаций» (Life — digital operator)coreStrategic or Co-development PartnerLife is the second mobile network partner enabling iPay mobile payments for Life subscribers. Connected to iPay since 2011. Users can pay via SMS to 553 or through the life.rbank.by personal account and 'Мой Life' mobile app.
• 21 Belarusian Banks (ERIP Network)coreChannel Partner/ Reseller/ Distributor21 Belarusian banks participate in the ERIP network enabling iPay services. Banks include Белагропромбанк, Альфа-Банк, ВТБ, БЕЛГАЗПРОМБАНК, Сбер Банк, Паритетбанк, Приорбанк, МТБанк, БНБ-БАНК, БСБ Банк, Технобанк, Банк Дабрабыт, Банк Решение, and others. Together they provide 18,000+ service points for ERIP payments.
• ОАО «Паритетбанк» (Paritetbank)coreTechnology or IntegrationParitetbank serves as the issuing bank for iPay's R-Bank electronic money system, enabling the mobile payment functionality. The company is listed as the bank partner in iPay's requisites (IBAN: BY67 POIS 3012 0004 8784 0193 3001, BIC: POISBY2X).
• ТКУП «Комбинат школьного питания города Минска» (School Nutrition Combine of Minsk)coreStrategic or Co-development PartnerLong-standing partner for the KShP.BEL school nutrition system. The combine acts as both a customer (using the system for their operations) and a reference client. Director Vasilenko S.N. provided a testimonial praising iPay's software development and continuous service improvement.
• QIWI (Киви)minorStrategic or Co-development PartnerQIWI is the largest non-bank payment terminal network in Belarus with over 1,500 terminals nationwide. iPay is listed among QIWI's partner payment services. QIWI operates on server payment software developed by БИСМАРТ. Mentioned in the 'For Investors' section as a synergistic partnership.
• ЗАО «БИСМАРТ» (BESMART)minorStrategic or Co-development PartnerBESMART is a Belarusian team with over 20 years of experience developing financial sector software. Referenced in iPay's 'For Investors' section as a synergistic partner. Developed the server payment software used by QIWI. Associated through shared ecosystem membership in Belarus's fintech sector.
• ООО «Тикетпро» (Ticketpro)minorStrategic or Co-development PartnerBelarus's first ticket operator for cultural, sports, and entertainment events since 2009. Referenced in iPay's 'For Investors' section as a synergistic partner within the shared financial technology ecosystem.
• High-Tech Park (Парк высоких технологий, ПВТ)coreStrategic or Co-development PartneriPay (СООО 'АЙ ПЭЙ') became a resident of the Belarus High-Tech Park on April 2, 2019. This provides regulatory benefits and positions the company within Belarus's technology development ecosystem.
• Gambling Business PartnersminorChannel Partner/ Reseller/ DistributorPartnership with gambling business entities started in 2011 and since 2015 iPay has been actively working with Belarusian gambling operators. Services include ERIP payments, mobile payment top-ups, and internet acquiring for online gambling platforms. Partners include ООО 'СтатусКво', ООО 'Золотой Фараон', ООО 'БИЗОН БЕТ', БК 'Марафон', ЗАО 'Спорт-пари'.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• YooKassa (formerly Yandex.Kassa): Russia's largest payment aggregator with multi-method payment acceptance. Operates comparable aggregator/merchant-of-record model though in a different country/payment infrastructure (Russian national card system Mir rather than ERIP).
• QIWI: Major CIS payment network with presence in Belarus. Already noted in the iPay source data as a 'synergistic partner' operating 1500+ payment terminals nationwide. Same category of payment aggregation but broader multi-country scale.
• Adyen: Global unified payments platform offering internet acquiring, point-of-sale, and platform services. Comparable on the multi-method payment aggregation architecture serving merchants across multiple payment rails.
• Stripe: Global payment aggregator and internet acquiring platform with transparent pricing model. Comparable on internet acquiring function (card-not-present transactions) and developer-first API integration approach.

Direct peers

• Uniteller: Russia-anchored payment processing and acquiring aggregator. Comparable on the merchant aggregation, internet acquiring, and multi-payment-method (card, e-wallets) integration value proposition.
• LiqPay: Ukrainian payment aggregator/electronic money system with similar mobile-initiated payment functionality and merchant integration model. Operates as another regional iPaaS-like payment aggregator in the post-Soviet space.
• bePaid: Belarus-based payment service provider and ERIP aggregator competitor offering online payment acceptance similar to iPay. Both operate within the same ERIP ecosystem serving Belarusian merchants.
• FACTS: Education-focused tuition and fee payment processor serving K-12 and private schools. Highly comparable to iPay's KShP.BEL school meal payment and KShP-administration platform, though focused on tuition rather than meal-specific billing.

Regional players

• Fondy: Payment aggregator serving CIS and EU merchants with internet acquiring and alternative payment method aggregation. Comparable on the integrated multi-method payment acceptance model and API gateway.
• PayMyTuition: Specialized education payment processor for tuition and fee collections across schools. Comparable to iPay's school meals and Оплата кружков (extracurricular payments) on the K-12 institutional billing model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Instagraminstagram.com/ipayby/?hl=ru
• Facebookfacebook.com/ipayby
• LinkedInlinkedin.com/company/ipay-by

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about iPay