How Online Stores Accept Payments — Report from Russia
The Russian search giant Yandex has undertaken research of the payment solutions and methods used for accepting payments by Russian online stores.
The analysts carried out the research among 86,000 sites providing online payments for Internet users. Apparently, about a half of Internet resources adopt payment solutions, which allow them to accept payments by a variety of different methods—this only requires them to set up one protocol. The most widespread payment solutions are Robokassa and Yandex Payment Solution. Yandex Payment Solution has increased its share mostly thanks to partnerships with international e-commerce companies which are seeking to enter the Russian market.
At this point of time, Robokassa provides payments for 21% of online stores, Yandex Payment Solution—19% of online stores, and Interkassa keeps their 5% of online retail payments of the market. Less than 3% of online stores chose other payment solutions—Wallet One, Oplata, PayOnline, and PayAnyWay.
Almost all the analyzed stores accept payments with bank cards. While the picture for the payment services is patchier: Yandex.Money Wallets—47%, WebMoney—44%, Qiwi—39%, PayPal—8%, RBK Money—3%.
While having opportunity to implement several methods of accepting payments, 46% of the sites implemented only one method, 3% of the sites implemented two methods, and 51% of sites implemented three or more methods. The share of sites with one or two payment options on board has decreased by 6% to the advantage of the sites with three payment options or more.
The research was carried out this spring. It covered all active sites of the Russian Internet that accept payments. The selection was formed using a machine learning approach based on Yandex’s data.