Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Ecommerce

Russian e-retail sales on the way up despite preference for cash payment

Friday 4 April 2014 | 01:15 PM CET

In Russia, e-retail sales have grown at a rate of around 26% a year and 57% of non-grocery retail spending is now made online, a recent research points out.

According to a report by PwC, the number of Russian households with internet access exceeded the number of those without in 2013, with an estimated growth in home internet up to 68% by 2017, reaching 38 billion households.

Findings indicate that the number of people using mobile internet is also increasing, with 41 % of respondents saying that they used their mobile phone for shopping in 2013. Currently, about 61 billion people in Russia, an estimated 43% of the population, have mobile internet, a number that is predicted to rise up to 100 billion by 2017.

However, Russian consumers often prefer to pay in cash with card payments accounting for only 15% of e-transactions in Russia. According to the WorldPay senior vice president of ecommerce strategy, Ieuan Owen, the local digital e-wallets or payment methods preferred are Yandex, QIWI and Webmoney, which now account for between a quarter and a third of all ecommerce consumer spending in Russia.

 advertisement
 advertisement
 advertisement
 advertisement