Yandex.Checkout studies the popularity of online sales on installment plans
March 11, 2019
Yandex.Checkout analysts have conducted a study on the popularity of online sales made on installment plans in Russia. The results show that most often users take online loans to pay for household goods, educational services, and appliances. An average one-time loan taken by a Russian customer amounts to about $350 (26 thousand rubles) and has a term of up to 6 months. The study covers payments made using the Installments service launched by Yandex.Checkout in March 2018, which is now used by more than 8 thousand businesses selling goods and services online.
Top business categories in terms of online sales on installments
Source: data on payments made via the Installments service of the Yandex.Checkout payment provider
Customers spend most of the loans on travel agency services, with an average of $960 (72 thousand rubles), on electronics ($454, or 34 thousand rubles), on the services of educational institutions ($400, or 30 thousand rubles), on auto parts and car repair services ($360, or 27 thousand rubles). When considered not by category, but as a whole, the average online payment made on a loan is $294 (22 thousand rubles).
Top business categories in terms of an average check for online sales on installments
Source: data on payments made via the Installments service of the Yandex.Checkout payment provider. Categories are arranged in descending order relative to the amount of the average check.
Merchant can activate the Installments service via the standard Yandex.Checkout protocol. The store can select a program for a period of 3 to 6 months, 6 or 12 months. The grace period for loan repayment is 30 days, but it can be extended up to 120 days. For this project, Yandex.Checkout has partnered with the Paylate service. The decision on the customer’s loan application is made in a few minutes. The repayments are made with the Yandex.Money e-wallet: the service automatically debits the amount of the next payment. The user can make a full repayment on the loan ahead of schedule, and view how many payments have already been made as well as the amount left to pay.
Yandex.Checkout is the leading service for accepting online payments in Russia, according to a 2018 survey by MARC. At the Merchant Payments Ecosystem conference (Berlin) Yandex.Checkout received the Best PSP Award in 2019 and the Emerging Payment Award in 2017. 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 106,000 online stores across the globe use Yandex.Checkout.
Yandex.Checkout was launched by Yandex.Money in 2013. Yandex.Money is the joint venture of search engine Yandex (NASDAQ: YNDX), and Sberbank, the largest bank in Russia.