Yandex.Money Launches B2B-service in Korea
Yandex.Money will provide an opportunity for Korean companies to enter one of the largest e-commerce markets — Russia & CIS, following already popular markets like China and India.
Yandex.Money, a leading online payment service provider set up by Russia’s largest search engine company Yandex, announces expansion of its payment gateway business to Korea. Yandex.Money is offering Korean SME companies a full-fledged assistance for entering the Russian & CIS e-commerce market.
Yandex.Money will fully utilize the support capacity to provide the Korean businesses with the top online payment solution that is being used the most in Russia and CIS. Furthermore, it will support Korean businesses with setting up localized websites and online shopping platforms for the large audience of Russian online buyers (out of 146 million Russians 44% purchased online at least — DataInsight and PayPal Report 2018). Yandex.Money believes that there is a high level of Russian consumer confidence in Korean products like cosmetics, consumer electronics and automobiles (Yandex Report 2018).
According to the Association of Internet Trade Companies (AKIT), the current size of Russia’s e-commerce market stands at approximately KRW 21 trillion and cross-border sector takes up to 33%, and it is expected to grow up to approximately KRW 37 trillion and 51% of overseas trade in 2023. Currently 90% of the cross-border sales are mainly made in Chinese online stores: both marketplaces like AliExpress, JD, Gearbest and SME merchants have made successful entry to the Russian e-commerce market.
Yandex.Money forecasts that Korean SME companies will be successful on the flourishing Russian e-commerce market that warmly welcomes Korean goods.
Korean partner company KR Partners (EXIMBAY) has said, “Our partnership with Yandex.Money since 2018 helped increase inbound sales from Russia and CIS region significantly by 27% and is showing constant growth. Yandex.Money has provided not just a payment solution but also helped us find customers and insight into how to serve them in the best way. We are going to expand cooperation business area with Yandex.Money gradually, to maximize our service in Russian market.”
Yandex.Money’s Korean partner RoseRoseShop has commented, “The most advantage in working with Yandex.Money is that we can attract more buyers from Russia and CIS countries. Actually, the sales from these regions has been increased 20% since integration started and we expect the sales would be higher in the future. The buyers feel easier to pay for the products through Yandex.Money than other payment options. Also, we’d like to keep providing k-beauty products and competitive service to the Russian and CIS market with Yandex.Money.”
“Korean goods have become a breakthrough on the Russian market craving for foreign fashion & beauty goods and electronic devices. On entering Russia, foreign companies need a strong partner advising on specific consumer habits of the local 146mn audience and their payment behavior,” says Danila Miroshin, Head of APAC Sales at Yandex.Money. “Yandex.Money actively supports to connect the Russian customers and Korean SME companies so we would very much appreciate active business inquiries and high interest from Korean partners,” he added.
Yandex.Money has been partnering with Korean companies such as international payment gateway providers like KR Partners (EXIMBAY), game companies like Webzen, global Korean cosmetic malls like Stylekorean, RoseRoseShop, rubyrubyshop, Viana, etc.
Yandex.Money is a joint venture of Yandex, Russia’s largest search engines and IT giant (NASDAQ: YNDX) with local market share of 60% and Russia’s largest bank, Sberbank. It offers an integration of online payment options both including local and global platforms along with debit/credit cards, electronic wallets, online banking, Apple Pay, Google Pay, and WeChat Pay. More than 100,000 global companies already partner Yandex.Money to operate on Russian & CIS market and accept payments from local customers.
About Yandex Money
Yandex.Money is the fintech company originated from Russia that runs the largest e-wallet service and the leading payment service provider (PSP).
Yandex.Money serves 106,000 online businesses globally totaling for 37.8% of Russian market, according to a 2019 report by MARC research center. The PSP introduces over 20 online payment methods to its merchants granting the acceptance of Russian and foreign debit and credit cards, e-wallets, direct debit, Apple Pay, Google Pay, WeChat Pay and a number of local payment options. As the largest e-wallet service in Russia, Yandex.Money hosts over 46 million user accounts — according to a 2019 Mediascope survey, 52.8% of Russians pay with a Yandex.Money e-wallet.
The company is the joint venture of the Russian IT giant — Yandex (NASDAQ: YNDX), and the Eastern European leading bank — Sberbank. Other businesses include anti-fraud protection service, cashback and marketing lead generation business, online loans and installment plans, fast B2B payments service and a variety of innovative payments apps. Yandex.Money received the Best PSP Award in 2019 and the Emerging Payment Award in 2017 at the Merchant Payments Ecosystem conference (Berlin).
Yandex.Money partners with the wide range of international companies from various industries:
• Online retail & shopping platforms: AliExpress (Taobao International B2C products), ASOS, Gearbest, JD.com (Jingdong), Tmall, Umkamall, Mango, etc.;
• IT companies: Booking.com, Google, Facebook, Ctrip.com, Kaspersky Lab, etc.;
• Games: Electronic Arts (EA), Blizzard, Nintendo, PlayStation (Sony), Xbox Live (Microsoft), etc.;
• FMCG & Food: Burger King, Nespresso (Nestlé Group), PepsiCo, etc.;
• Automotive businesses: BlaBlaCar, BMW Group, Tesla, Renault, etc.;
• Beauty: L’Oréal, Yves Rocher, etc.
