Sellers will simply need to place QR-codes on their merchandise, and customers will be able to scan the code through the Yandex.Money mobile application. QR-codes can be placed either on material goods (pizza boxes, books, bills, etc.), documents (courier’s application for delivery registrations, on a web site page for payment confirmation, etc.) or on digital products (online movie streaming services, music, etc.).
To make a payment, users open the Yandex.Money app on their phones and point at a QR-code with their smartphone’s camera. Once the code is scanned, the app will show the product’s name, seller, and price. After that, a user chooses a payment method — either Yandex.Money e-wallet or a bank card linked to it.
All merchants using the payment aggregator Yandex.Checkout can get access to a QR-codes generator to set codes on their products. Currently, more than 76,000 online stores use Yandex.Checkout, and 4 million users have the Yandex.Money app that has iOS, Android, and Windows Phone versions.
According to a joint study by Yandex.Market and GfK, more than 30% of online consumers regularly make purchases via mobile platforms (smartphones or tablets). Yandex.Checkout reported that in 2015 the number of mobile payments increased by 30%. The number of online stores at which customers pay via mobile platforms grew by 60%. In 2015, the share of mobile payments in Yandex.Money’s total processing volume was 20%.
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