Yandex.Checkout provides its merchants with a new payment method—payments via Tinkoff Bank.
It allows online platforms to issue invoices to those users who prefer Tinkoff bank’s mobile app or online banking account instead to the store’s website. As the payer doesn’t need to enter bank card details, the new service will help online stores to make the payment process faster and easier for the clients of Tinkoff Bank, and in turn, increase their conversion rate.
Tinkoff bank is listed on London Stock Exchange since October 2013, and its mobile app has consistently been ranked No. 1 in Russia: the number of active users of Tinkoff mobile app is about 1.1 million people per day and 3.1 million per month, carrying out 62 million sessions. Every month, Tinkoff online banking individual clients account for about 2 million payments and transfers, and about 1.5 million self-service transactions.
“The more convenient for the buyer the payment process, the higher the likelihood that the transaction is completed. That’s why Yandex.Checkout continues to expand the selection of payment acceptance methods available to online stores. We help increase conversion and sales. Payment acceptance via Tinkoff Bank is an opportunity to simplify the buying process for several million potential customers who use this bank’s cards,” says Yulia Gorelova, Head of Payment Business Development at Yandex.Checkout.
“As part of the consistent development of the Tinkoff ecosystem, we are constantly expanding the capabilities of our mobile app and online banking, which are regularly recognized as the best in their respective categories at Russian and global levels. The cooperation with Yandex.Checkout, one of our oldest and largest partners, will allow Tinkoff Bank to provide its customers with another quick, convenient, and secure payment tool for use in everyday life,” comments Sergey Khromov, Head of Payment and Transfers at Tinkoff Bank.
In addition to Tinkoff Bank, Yandex.Checkout also allows online stores to accept payments via Sberbank and Alfa Bank’s online banking services. Online banking is generally popular among Russians: 87.2% of the respondents use the services for payment (data from a 2018 Mediascope survey that includes Russian Internet users aged 18-55). 52.4% of users have the experience of paying for online orders with online banking. 32.1% of respondents pay for purchases at foreign online stores, 32% for cinema and event tickets, 29.2% for flight and train tickets.
In order to accept payments via Tinkoff Bank, a merchant needs to enter into a contract with Yandex.Checkout. If the company is already using the payment solution, it will need to switch to the latest version of the Yandex.Checkout API to enable this payment method. Once the switch is done, payment acceptance via Tinkoff Bank will be activated automatically.
While making an online purchase at website with this option availability, the customer is redirected to the page with different payment methods where they select Tinkoff Bank. Next is the bank’s webpage where the customer enters their mobile number. The bank identifies the client by the specified number and sends them a push notification to confirm the payment in the Tinkoff app. If the message from the bank is missing, the customer can log in to their Tinkoff online banking account and pay for the purchase from there— there is no need to enter their bank card details or any text message passwords.
Contributed | what does this mean?