Yandex.Money Becomes Payment Operator for

September 16, 2015

Chinese online retailer has started accepting payments using Yandex Payment Solution by Yandex.Money. The companies made the deal 18 June of this year. Now customers can pay for purchases from their Yandex.Money e-wallets or with bank cards linked to their e-wallets. In the future, Yandex Payment Solution will support payments via the online banking systems of Sberbank, Alfa-Bank, and Promsvyazbank for shoppers on came to Russia this summer. This trading platform offers its customers a wide variety of goods—from mobile phones to spare car parts—and it’s constantly growing. Before their launch in Russia, only accepted bank cards or PayPal payments.

“Thanks to our cooperation with Yandex.Money, we’ve adopted several payment methods popular in Russia in one go, which has made our service easier to use. Now customers can place orders on our site and pay for them using the methods they like, just as it is in the best Russian online stores,” says Viktor Syui, Chief Executive of international business group.

Yandex.Money is currently strengthening its partnership with Chinese online stores. Over the last year, Yandex Payment Solution has started offering its services to over fifty large and medium Chinese online platforms. Their yearly sales volumes via Yandex Payment Solution have grown sevenfold. The Chinese sales platforms receive one-third of total funds received by online stores through Yandex Payment Solution.

Russians have recently become more and more interested in Chinese online stores. Last summer, customers placed an average of four orders at Chinese online stores. This summer, that number rose to five. All in all, the number of payments made on Chinese sites via Yandex Payment Solution increased elevenfold for the period from June to August this year compared to the same period last year.