From 2013-2014, Russian e-commerce grew by 30% with a daily audience of 9.5 million people and 48.5 million monthly shoppers. Approximately 70% of Russia’s online audience (83 million users) visits e-commerce sites. The growth of eCommerce has led to more development with shipping and payment options and preferences in Russia. Russians are transitioning into more online payment options and more commons online shopping behavior seen in the West. To stay up to speed on all the developments, Yandex.Money teamed up with global research agency MARC to research online payment systems in Russia.
The study looks at 88,000 online stores in Russia, assessing the payment options and most popular options offered for Russian online shoppers. The study by MARC was conducted in Q4 2015 and the results were compared to those from Q4 2014.
The 2015 study showed that the most popular platform is Yandex Payment Solution with 24% of merchants accepting it for payments. Robokassa proves to be the second most popular payment platform 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.
Russian eCommerce sites are increasingly offering users multiple payment options. Over 32% of Russian online shopping sites offer shoppers three payment methods through multiple payment solutions . However, the majority of websites still only offer shoppers one payment method. According to the 2015 MARC Yandex.Money study, an overwhelming 64% of merchants only accept one payment option, either e-wallet or bank cards. The remaining eRetailers from the study offer their customers two payment methods.
When it comes to payment methods, most Russian online stores accept bank cards (76%). The second most 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.
Historically, Russians have felt most comfortable with cash on delivery. However, over the past few years more diverse payment options have grown in popularity due to ease and the general transition away from a cash only economy.