Expanding into international markets requires merchants to do more than simply translate a website or ship products overseas. Success often depends on supporting the local payment methods that consumers already trust and use every day. In many regions, alternative payment methods such as digital wallets, online banking transfers, and cash-based payment networks remain more popular than traditional card payments, making payment localization a critical component of cross-border commerce.
Russia and the broader CIS region have long represented attractive growth opportunities for global merchants due to strong ecommerce adoption and a large online population. By integrating local payment methods through a single platform, merchants can reduce barriers to purchase, improve conversion rates, and create a more familiar checkout experience for consumers in these rapidly growing digital markets.
Moscow, Russia, November 13, 2017. Adyen, payments platform of choice for the world’s leading companies, expanded its partnership with Russia’s largest payment service provider, Yandex Checkout, to enable retailers worldwide to accept most popular payments methods in Russia and the CIS.
Adyen merchants from all over the world can now offer Russian and CIS-consumers most popular online payment methods: e-wallets, online banking, and cash via mobile retailers and payment kiosks. This expanded partnership enables Russian users to pay for various goods and services without the need to change their existing payment habits.
‘Adyen has carved out a powerful place in the payment industry by laying down smooth payment rails for the biggest names in tech’, says Anna Kuzmina, Yandex.Money Deputy CCO. ‘Russia has been one of the fastest growing e-commerce markets: its volume in the first half of 2017 grew by 22% (compared to the first half of 2016) and reached 498 billion RUB (8.7 billion USD). There are more than 87 mln active Internet users, it’s vital for global retailers to be able to adjust to people’s needs.’
Olivia Sicurani, Head of Local Payments at Adyen adds: ‘We see great potential in the Russian market, where local payment methods dominate and the e-commerce market is booming. It’s very interesting for Adyen merchant base to start selling to Russia, world’s largest country. Thanks to Yandex.Checkout, our merchants can now offer a variety of most popular local payment methods (not only cards) without the need to set up a local entity, via one simple integration with Adyen.’
As ecommerce becomes increasingly global, merchants must adapt to regional payment preferences to remain competitive. Offering local payment methods can help businesses expand into new markets while minimizing friction during the checkout process.
Partnerships that connect global payment platforms with regional payment providers make it easier for merchants to reach international consumers without establishing local entities or managing multiple integrations. As cross-border commerce continues to grow, payment localization will remain a key driver of successful market expansion.
Adyen is the technology company reinventing payments for the global economy. The only provider of a modern end-to-end infrastructure connecting directly to Visa, MasterCard, and consumers’ globally preferred payment methods. With offices around the world, Adyen serves 4,500+ businesses, including 8 of the 10 largest U.S. Internet companies. Customers include Facebook, Uber, Netflix, Spotify, and L’Oréal.
About Yandex.Checkout
Yandex.Checkout is the leading service for accepting online payments in Russia, according to MARC 2017 survey. With this payment solution, merchants from all over the world can offer Russian consumers all online payment methods popular among Russians and CIS-citizens: bank cards, online banking, e-wallets, mobile phones, and cash via mobile retailers and payment kiosks. Currently, 76,000+ online stores across the globe use Yandex.Checkout. Clients include AliExpress, Next, JD.com, Renault, Tesla, iTunes, Skype, Blizzard and others.