Yandex.Money launches universal e-payment services in Russia

Russian electronic payment system Yandex.Money has launched universal payment processing for online merchants, a step that commentators have said could encourage growth in e-payments.

Russian electronic payment system Yandex.Money has launched universal payment processing for online merchants, a step that commentators have said could encourage growth in e-payments.

Customers will now be able to pay online using their debit or credit cards, as well as making mobile payments or paying with their Yandex.Money wallet. The announcement came just weeks after online payment giant PayPal revealed on 17 September that they were launching ruble payments.

Dmitry Danilenko, CCO of Yandex.Money, said: "The easier it is to pay for a product or service, the higher is the likelihood for a website visitor to become a paying client.

"Some may have a zero balance on their e-money account, others may not have their bank card at hand, still others may find it easier to just use their mobile balance for a quick, inexpensive purchase. It’s always good to have options."

Predictions from Morgan Stanley estimate Russian e-commerce revenues will reach $36bn in 2015.

 

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