Yandex Studied Online Payments in Russia
Internet, September 7, 2007. Yandex released information bulletin "Online payments in Russia". The analysis is based on the data from Yandex.Money, one of the popular payment systems in Russia.
The full text of the analysis is available at http://download.yandex.ru/company/yandex_on_emoney_autumn_2007.pdf.
In July 2007, the number of transactions is more than double when compared to the numbers for July 2006. E-money are usually used to pay more for services than for products.
Nevertheless, the volume and the number of payments in product sector are also growing. Most likely, this is caused by the growing trust in online shops.
During the year (from June 2006 to July 2007), the largest growth rates, both in absolute and in relative values, were in three categories of the market: information services (including online dating, online statistics, etc), hosting, and software.
The leader in total amount of transactions is payment for cell phone service. Cell phone bills are often paid along with paying for other services or products, when the remainder in user's e-wallet is too small to pay for a more "substantial" order.
More than a half of those who now pay with web money for the services of internet providers and providers of online games set up their e-wallets specifically to pay for these services (56% for each service).
The figures in the analysis reflect the specifics of online payment through Yandex.Money; data from other payment systems may differ.
Yandex launched the online payment system Yandex.Money together with Paycash group in the summer of 2002. In March 2007, Yandex became the full owner of the payment system. As for July 2007 Yandex.Money had over 1,5 million registered users. Every day the system registers over 2,000 new e-wallets and over 20,000 transactions.
Vladimir Isaev, Ochir Mandzhikov
Phone: +7 495 739-7000