Russia’s largest payments service, Yandex.Checkout, announced that online stores can now subscribe to a new service that allows merchants to sell goods and services on credit or by installments.
According to Banks.am, “Pay by Installments” will also help buyers afford more expensive purchases, and can be used for any online platform.
The company, which is partnering with Paylate on the project, explained that if an online merchant utilizes the payment service, their website will feature an information unit next to the item for purchase, telling consumers how to pay for it by installments.
The customer then fills in a form on Yandex.Checkout to get the credit or installment in minutes. In addition, buyers need to enter an SMS code to confirm the purchase and that the money will be automatically withdrawn on a set day of payment. If the customer does not have an eWallet, it will be created during the final steps.
Customers will be able to see how many completed payments have been made and how much is due, and can also pay off the remaining amount early.
“The service ‘Pay by Installments’ will be useful for people who decide to make a purchase spontaneously,” said Yulia Gorelova, head of new business at Yandex.Money. “For instance, there is a beneficial promotion, but you do not have the necessary amount of money at that moment. You will receive the purchased goods or services immediately after the formalization of the credit and start repaying in 30 days.”
Last year, Yandex.Checkout enabled its customers to add Apple Pay as a payment method in apps and on websites.
“Contactless payments are quickly gaining popularity among Russian users. Nowadays, people can pay contactless everywhere – in brick-and-mortar stores, restaurants, public transport and even at petrol stations,” said Alexander Magomedov, Yandex.Money’s chief commercial officer. “Contactless payments on websites and in apps can become an additional pretext for a spontaneous purchase. Everything is very simple: One touch of a finger on your smartphone, and you are all set.”