Payments Made Easy: Russia’s Top E-Payment Systems

By this point, Russian Search Marketing has certainly clarified that e-Commerce is cruising in Russia.  Despite the rise of e-Commerce in Russia (and the rise is good – 9.5 million Russians are shopping online today), there are still certain barriers that are slowly being resolved to open up even greater success.  Growing Internet penetration and the expansion of online shopping has exposed Russians to an entirely new world. This is a world in which a given shopper must trust that their purchase will arrive safely and that their transaction happens securely.

As previously reported, Russian Post has taken great steps and a serious commitment to ensuring timely and secure delivery of  parcels.  We can only expect to see significant improvements in shipments, and subsequently, a stronger interest in e-Commerce. Still Russians must also trust that they aren’t being scammed and can pay for their orders without worry.  Given the infancy of e-Commerce and the issue of trust, most pay in cash upon delivery. Second to cash payments, online purchases are paid for by credit card or an e-payment system.  Web-Payment systems also include packages that accept e-money, cash, and cards further offering a user a choice for what makes them most comfortable.

Over time local Russian payment systems have established themselves as trustworthy sites.  This time saving and easy payment method is growing in popularity in Russia.  As more people become comfortable using online payment systems, users will recognize the full potential of online shopping.  The following electronic payment systems currently rank as the most popularly used sites in Russia.

1.QiWi:

QiWi’s simple and quick online payment system, which is also available through a mobile application, is most widely used in Russia. The Web-Payment service is often used to make online purchases and pay for loans, mobile bills, and even home utilities.  Users may also visit a QiWi terminal to make payments just as they would on their mobile device.

2.WebMoney:

Using standardized interface, WebMoney users can keep track of funds and make online payments. More recently, the company launched a social media application so users can make payments to friends, purchase online games, or simply pay for their bills.

3.Yandex.Money:

As Russia’s biggest online payment system, Yandex.Money is known for its quick registration and intuitive interface.  Users may also make transfers from their wallet using ATMs, terminals, and online methods free of charge to pay for services, bills, or products.  Businesses benefit through the Yandex.Money API, which allows them to configure Yandex.Money tools to create their own payment solutions among other benefits like data processing for users’ wallets.

All of the payment systems provide shoppers with effective and secure ways to access online shopping.  By further establishing an easy method for merchants to give their customers all the payment methods available, the user experience for online shoppers is continuously improving in Russia.