KRP Signs Contract with Yandex.Money, Russia’s Largest Payment Services Provider
It is anticipated that domestic online shopping in Russia will be more active.
KRPartners (CEO: Kim, Joon-hun, KRP) announced that it has entered into a Payment Service agreement with Yandex.Money, one of the leading fintech company as Payment Service Providers in Russia.
Yandex.Money is a subsidiary of Yandex, one of Russia’s largest search engines and IT giant (NASDAQ: YNDX), competitor to Google in Russia with local market share of 60%, and Russia’s largest bank, Sberbank.
Yandex.Money offers Yandex.Checkout to online merchants. Yandex.Checkout is ranked #1 payment provider for online stores in Russia with 31.7% market share and 90,000 partners worldwide. As for individual use, Yandex.Money has 46 million user accounts — it is the most popular e-wallet for online payments in Russia and CIS.
The introduction of Yandex.Money into the domestic fast-growing local market, which is rapidly growing due to a surge in foreign customers, is expected to be good news for online shopping malls, which have been offering payment services only to VMs with low issuance rates to Russians [MOU1] do.
In addition, it is expected to boost the domestic online shopping and medical / cosmetic market, which has a high share of customers in Russia and CIS countries. According to Yandex data, user interest in Korean cosmetics grew by 70% for the period from April 2017 to April 2018. Other categories of Korean products that have become a breakthrough on the Russian market are cars, household appliances and electronics, apparel and footwear.
Kim, Joon-hun, president of KRP, said, “If you are operating an eCommerce business for foreigners, it is important to provide a local payment method for the target country. The introduction of Yandex.Money will act as a catalyst for the domestic stationary market, as the purchasing power of Russians is growing rapidly due to the Korean wave.”
Daniel Miroshin, Head of APAC office at Yandex.Money, commented, “Russian market with its stable growth of cross-border warmly welcomes Korean products and businesses. Entering Russia, foreign companies should consider the habits of the local 146mn audience and offer payment scenarios that are customary for the market. Partnering with Yandex.Money, KRP gains a direct access to Russian consumers with their unsatisfied demand on Korean goods and high confidence to the quality.“
KRP Eximbay (overseas payment service system) has been providing services to 6,000 station fast-moving shopping malls, including duty-free shops and airlines since 2006, and has the highest market share in Korea.
Yandex.Money is the largest online payments service in Russia, according to a 2018 survey by Mediascope. The company is the joint venture of the search engine Yandex (NASDAQ: YNDX), and Sberbank. Yandex.Money offers consumers easy, safe, and reliable methods of paying online on its own site and mobile app. The service hosts about 46 million user accounts.
It is also the leading service for accepting online payments in Russia, according to a 2018 survey by MARC. With this payment solution, merchants from all over the world can offer Russian consumers the online payment methods most popular among Russians and CIS-citizens: bank cards, e-wallets, mobile phones, and cash via mobile retailers and payment kiosks (there are over 250 thousand cash-acceptance points all over CIS). Currently, more than 90,000 online stores across the globe use Yandex.Money b2b solution. The service received the Emerging Payment Award at the Merchant Payments Ecosystem conference (Berlin) in 2017.