YooMoney is a joint venture of Sberbank, the largest bank in Eastern Europe and the Internet company Yandex, operator of Russia’s leading search engine. It aggregates popular Russian and CIS payment methods in an e-wallet (formerly known as Yandex.Money).
Users can fund their YooMoney wallets in a variety of ways, including via bank transfer, card, mobile phone balances, cash or QIWI. They can then pay bills, taxes and fines, top up mobile phones, make money transfers and shop online. A mobile app is also available.
Only 20% of Russians have a credit card. And consumers use cards to pay for only half of all online purchases.
The benefits of e-wallets in Russia
- 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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