Yandex Payment Solution is debuting a new checkout method in Russia, which allows users to access a variety of payment methods and instant checkout. The new and improved checkout allows merchant sites to determine the preferred payment methods of a customer and present them with a faster, smarter payment process.
Yandex Payment Solution will offer a user a unique set of three payment methods, which are determined to be the most convenient for that user and which can include bank cards or various e-wallet services and online banking systems. After the user confirms their preferred method, they will be presented with smart checkout at the time of their next purchase. They will only need to enter their card’s CVV, an SMS code, or a password, depending on the payment method. This additional required information is what makes smart checkout through Yandex Payment Solution secure and reliable.
According to tests Yandex Payment Solution conducted with online stores, a new smart checkout method increases successful conversion rates by up to 10%.
“We believe strongly that online stores of the future should be guessing what their customers want at every turn. For example, if a user places an order on a weekday, then a merchant may want to offer them delivery to their office address, while offering home delivery if they place an order on the weekend. The same goes for payment: merchants can confidently offer a customer who usually pays with their Yandex.Money e-wallet that method of payment,” says Alexander Magomedov, Chief Commercial Officer at Yandex.Money. “With the help of this new technology, any online merchant can offer a personalized platform that guesses each user’s preferences and simplifies the payment process.”
An easy payment process is important to consumers in Russia, just like anywhere else in the world: WorldPay’s global surveys show that 65% of users may cancel a payment if they do not see any convenient payment methods on a website, and around 40% of respondents said that they will not even initiate a purchase if they don’t notice any indication that their preferred payment method will be available at checkout.
Yandex Payment Solution offers all the payment methods most popular among Russian customers – bank cards, e-wallets, mobile billing, and cash via over 250,000 cash-acceptance points all over Russia. Currently, over 76,000 online stores in Russia, Europe, the US, and China use Yandex Payment Solution.