QIWI is a Russian payments business with various areas of activity, including a bank, an e-wallet, kiosks and a logistics arm. The QIWI Wallet is based on a prepaid account, which can be used to pay more than 13,000 merchants, including various e-commerce, utility and government providers.
Only 20% of Russians and Kazakhs have a credit card. And consumers use cards to pay for only half of all online purchases.
Other e-wallets operating in the region include UnionPay, Skrill and PaySera.
The benefits of supporting e-wallets in Russia and Kazakhstan
- If you don’t support alternative payment methods, half of all Russian e-commerce is closed to you.
- Russian pay for 29% of online purchases using e-wallets.
- Between 2021 and 2025, the e-commerce market will grow from US$55bn to US$116bn.
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