Yandex.Money extends contactless payment methods for its cardholders
December 7, 2018
Yandex.Money introduces Garmin Pay to its cardholders. Now, with a Yandex.Money virtual or plastic card tokenized in Garmin Connect Mobile app, paying at offline stores with a Garmin smartwatch seamlessly is no longer a problem. Thus Yandex.Money supports five contactless payment methods: Apple Pay, Garmin Pay, Google Pay, Samsung Pay, and its own feature embedded into Yandex.Money app.
Contactless payments are gaining rapid popularity in Russia, with 43% of Yandex.Money users preferring this payment method. Approximately 20% of offline payments are made with tokenized cards via smartphones and smart watches. Average check from a contactless payment with a Yandex.Money card is $6.8 (457 rubles) across Russia and $8.3 (556 rubles) in Moscow.
Top-7 categories of products purchased via contactless payments (according to Yandex.Money stats):
Department stores goods
«We intend to offer our users as many contactless payment methods as possible due to their high relevance in Russia. That’s why Yandex.Money has added Garmin Pay to its variety of contactless payment methods in order to maximize the comfort of those who prefer a healthy lifestyle and have an interest in advanced technologies,» says Alla Savchenko, Head of Product Department at Yandex.Money.
Garmin smartwatches provide their owners with cashless experience Garmin Pay connected to a Yandex.Money card: purchases can be made seamlessly at the growing number of retail outlets accepting contactless payments in Russia. The new feature is available on Garmin Fenix 5S Plus, Fenix 5 Plus, Fenix 5X Plus, Forerunner 645, Forerunner 645 Music, Vivoactive 3, and Vivoactive 3 Music.
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.
Yandex.Money also offers online merchants Yandex.Checkout. Yandex.Checkout is 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.Checkout. The service received the Emerging Payment Award at the Merchant Payments Ecosystem conference (Berlin) in 2017.