Cross-border e-commerce surges in Russia
Increasingly more and more Russians go online, widening e-commerce market growth tremendously
Credit and debit cards are just as popular in Russia as they are in other countries in CEE. Both Visa and MasterCard are present on the Russian market, alongside the local card scheme of the Central Bank of Russia called Mir (Russian for “world”). The scheme was created in 2015 in accordance with Russian federal law that requires international card issues such as Visa and MasterCard to process customer data through a local card scheme and store personal details of Russian citizens on servers physically located in Russia. Mir supports secure online payments through MirAcccept, a technology that eliminates fraud and increases acceptance rate by streamlined user experience.
E-wallets are outstandingly popular due to their establishment within the market for almost 10 years and suitability for e-commerce payment purposes. Domestic operators such as Yandex Money, Qiwi (in partnership with Visa) and WebMoney provide customers with a simplified and convenient online payment method. As for the Russian reverence for local payment methods, it is highly beneficial for merchants to process payments locally in order grasp Russia’s thriving e-commerce market.
With local expertise for more than five years, PayU’s sophisticated understanding of the Russian market and provision of all locally preferred payment methods largely aid increases in approval rates and overall success. Since 2013 PayU holds a Non-Banking Credit Organization license from the Central Bank of Russia instilling the ability to carry out financial activities without limitations. Additionally, PayU takes an active part in the Russian market by cooperating with certain associations such as the National Payments Council to help develop business specific online payment solutions.
Payment Methods Available in Russia with PayU
Credit and Debit Cards