“Smart Payment” — Commercial Director Of “Yandex.Money” About The Launch Of A New Feature

“Yandex.Money” is no longer just a digital wallet in 2013. Then there were two big changes. First, we opened the service to all users, abolished mandatory registration. Any person, even without having an electronic wallet, able to log into the website, selects the required service (phone, utility, Internet, traffic fines, content and so on) and pay for from wallet, if any, by Bank card or in cash via terminals of our partners. Own terminal network we are not developing, thats another business.

In 2014-2015. Weve made mobile apps that do not require registration. “Remittances” (transfers from card to card) and “Yandex.Penalties” (to check and pay traffic police fines). This experiment was a success.

More than a third of all card to card transfers and payments for fines via the service “Yandex.Money” users are doing with phones. The second important change was the entry into the market of processing services and the launch of “Yandex.The cash register” — ready payment solutions to online shops and other services that need to receive payments over the Internet. By that time, many online stores have already taken payment with electronic purses “Yandex.Money”, and we offered them a simplified wiring diagram to the “Cashier” — to other electronic wallets, Bank cards, online banks. Now available 14 ways of receiving payment.

Experience shows. If the website was previously accepted only cash payments, then switched on the reception of online payments, the conversion of orders grows by 10-30%. After that, increase conversion rates usually help measures to improve usability and simplify ordering. But part of the bounce from the purchase associated with the payment.

For example, if a buyer is not found a convenient method of payment or the checkout process was too complicated, multistage and speckled with unfamiliar logos. Many such statistics in the world market. According to the international WorldPay survey, 65 percent of the users can cancel the purchase if the online store you cannot pay the usual way, and 40% wont even place the order if do not immediately see a suitable method of payment. Russian researchers also confirm the trend.

According to GfK and “Yandex.Market”, a convenient payment method on the website is an important criterion for choosing the online store to 34% of Russian users. New technology Yandex.Cash — “Smart cash” — addresses these challenges. Name technologies in a way speaks for itself. Thanks to her, “Yandex.Cashier” in the first place will offer customers three of the most convenient means of payment — choose from e-wallets (“Yandex.Money”, Qiwi, WebMoney), online banks (Alfa-Bank, Sberbank, Promsvyazbank), Bank cards, mobile payments and other available ways.

For the ranking methods of payment service in real-time analyzes multiple parameters. What are some ways people pay for online purchases before, does not exceed the amount of the single order limit for each of the available payment methods, how often people transfer money in a specific store. For example, if you paid online with a credit card, with a purse “Yandex.Money” and through the Internet-Bank “Alfa-Bank”, then you will be in the priority of these three ways, and the least familiar — not so clearly. In addition, in the future, if you paid with a card “Yandex.Cashier” on the basis of the offer will tell you part of her data — will only confirm your payment passwords.

To get a card from the bag or to remember the number, do not have. On the same page you will be able to enter necessary data and confirm the payment — without navigation to other pages. Thus, the time for payment of online purchases will be reduced to a minimum. We have something similar here in the States is a popular service Stripe Chekout.

The first time he remembers payment card data, and then tightens them with every next payment in all stores that use the same service. It works on all devices and platforms, in the USA it is used in thousands of stores, thus conducting millions of transactions. But this is only part. “Smart” ranking, as far as I know, still no one had.

Before the launch of “Smart payment” were tested on several dozen online stores and services — an average increase of conversion into successful payment was about 5%, and in some cases and reached up to 10%. While we plan to connect to the “Smart payment” 100-200 stores in a week — that is up to 10 thousand websites until the end of the year. This includes those who have already used the “Cash” and want to upgrade to the new version — in most cases, technical improvements are not required. To the “Cashier” can connect any business to the entry threshold such as turnover or, say, the average number of orders, no.

But depending on the volume of payments and capacity to design, you can connect in different ways. So, if the site is on one of popular CMS or SaaS, to connect enough of the contract and minimum settings in the CMS. If the site in-house, will require integration of our API (and in the case of the application — SDK). In our experience, if the counterparty is motivated, it can be integrated in one day.

Small sites manually process orders, often set up accepting payments without integration — a personal account. Thus, for example, you can accept payment with notifications about new payments by e-mail or to invoice. These methods often use platforms that connect for the first time online payment. The “Cash” have an affiliate program, under which counterparties are connected to other companies and it brings about 8% of the total number of applications.

But, of course, there are other sources. Many companies use the services of “Yandex” — someone places the goods at the “Market” or promote services via “Direct” or monitor attendance through the “Metric”. A decent stream of requests is via the CMS and SaaS. In 2014 we started to sell mobile POS terminals for receiving funds.

The project managed to find its niche and works successfully. Last year, the number of issued devices has grown in 1.6 times. If you look at the whole service, the average check through the mPOS is comparable with the average cheque in online trading — about 3000 rubles. Among the users of mPOS, approximately 80% are companies that sell products with shipping, about 12% of the companys services, the rest is educational institutions, charities and smaller categories of users. Such firms generally have no staff with financial and it professionals, so they choose the most simple, quick and requires no special knowledge of the decision.

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