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Yandex Launched Yandex Pay Service
The service supports Mastercard, Visa and Mir cards issued by any banks.
Yandex launched Yandex Pay. This service offers a fast and convenient way to pay for purchases by credit card. Using this service, you can make card payments without entering card details - they will be pulled from your Yandex account. It will be easier for people to make their purchases, while stores will be able to increase their sales.
To pay via Yandex Pay, you need to link your card to your Yandex account. The service can work with Mastercard, Visa and Mir cards of any issuers, whereas cashback and other bonuses are preserved for cardholders. If you add several cards, you can choose which one to debit. The new payment method is not only more convenient, but also more secure. You do not have to leave you payment details on dozens of sites - it is enough to enter them once in your Yandex account, where they are stored in an encrypted form.
“Yandex has been providing order payment services quite a while. When people order food or hail a taxi, they use Yandex technologies that have already been time-tested. Now we are ready to offer this product to other market players. Any company can add a Yandex Pay button on its website to simplify the payment process for its customers and hence to increase sales,” says Alexander Golovin, head of the service.
Lamoda, Brandshop and other well-known brands have already been using the Yandex Pay button. Several large online stores have applied for it.
You can connect Yandex Pay directly or by contacting a payment service aggregator. Robokassa, Payture, RBK.money offer such an opportunity - and this list is not exhaustive.
Now the service is enabled only on websites in the most popular browsers. The Yandex Pay button is available to those who tied their card to a Yandex account and logged in. In the future, people will be able to pay through Yandex Pay in mobile applications, in all browsers and offline. Yandex plans to release an SDK for application developers.
“The market for tokenized payments is quite competitive, with the maximum market share belonging to three key players. Despite this, a new player has the opportunity to capture a considerable market share — provided that it has a large and loyal audience and broad technological competence,” said Alexey Kirichek, Vice President and Acquiring Department Head at VTB.