Seeking to Sell Abroad? Here Is Tools to Accept Payments in Russia

by Anna Kuzmina 0

Before expanding, online stores want to get to know local markets better. There is a country in Europe, which has its strong specifics and features about what online stores should familiarize themselves before their arrival – Russia.

Russian e-commerce market has been demonstrating confident growth – in 2011 the turnover of the e-commerce market in the country was around $6 billion, in 2015 it is 3 times as much. Besides, users are more and more interested in foreign goods if they cannot find something in local stores – almost every second user in Russia has done a purchase on foreign web site at least once, according to GfK report. The global research agency MARC, provided fresh statistics of local payment acceptance market.

The study for 2015 showed that the most popular platform to accept payments in Russia is Yandex Payment Solution: 24% of merchants use it for accepting payments. Second choice among merchants is Robokassa with 20% of the market, down 6% from last year’s study. Coming in third and fourth place were Interkassa and Unitpay with 5% and 4%, respectively. The least popular payment solutions turned out to be RBK Money, with just 3%, and Wallet One and Oplata, which are each used by 2% of the online stores surveyed.

The number of stores that accept more than one payment method is growing. Over 32% use three payment methods through multiple payment solutions -7% more than last year. Yet, 64% of merchants accept payments using only one method (either e-wallet or bank cards), and the rest offer their customers just two payment methods.

Most of online stores accept bank cards (76%), second popular method is e-wallets – 56% of merchants in Russia accept Yandex.Money, 47% take WebMoney, 45% accept QIWI, 13% offer PayPal, and just 3% accept RBK Money.

The study was conducted in Q4 2015 and the results were compared to those from Q4 2014. The sample includes 88,000 online stores in the country.

Russia Payments