Yandex Payment Solution, the payment aggregator service of Yandex.Money, is introducing a new checkout method in Russia, allowing merchants to identify their customers’ preferred payment methods and offer “a faster, smarter payment process.”
Every user is offered a set of three payment methods, which are assumed to be the most convenient to him or her. These payment methods may include bank cards as well as various e-currencies and online banking systems. After the user confirms his or her preferred method, a new smart checkout procedure will be presented at the time of their next purchase on the site, or any other site using Yandex Payment Solution. No card CVV, SMS code, or password is required.
Yandex.Money claims that the new smart checkout method increases conversion rates “by up to 10%.”
“However, our clients may keep the existing system, if they prefer,” Nadezhda Kiyatkina of Yandex.Money’s press service wrote in an exchange East-West Digital News.
From payment convenience to increased sales
Yandex.Money claims to be the first in Russia to introduce such a technology — which, however, is inspired by foreign models: “Stripe, for example, also stores users’ payment information for quicker checkout on every site using the Stripe solution. But Stripe’s system works only with bank cards, not with other payment methods and smart ranging,” Kiyatkina says.
Almost two thirds of users may cancel a payment if they do not see any convenient payment methods on a website, while around 40% would not even initiate a purchase if they don’t notice any indication that their preferred payment method will be available at checkout, according to WorldPay global surveys cited by Yandex.Money.
“We believe that the online stores of the future should guess what their customers want at every turn. For example, merchants may want to offer office delivery on business days while home delivery will be offered on the weekend. The same goes for payments: with the help of this new technology, any online merchant can adapt its offer to each user’s preferences, and simplify the payment process,” stated Alexander Magomedov, Chief Commercial Officer at Yandex.Money.
Yandex Payment Solution integrates a variety of popular Russian payment systems – from bank cards, to e-wallets, to mobile billing, to cash payments via more than offline points all over Russia. The company claims to serve over 76,000 online stores in Russia, Europe, the USA and China.
