Ingenico takes Russian eCommerce by storm reaching over a billion USD transactions in the first 18 months
OutReach - 23 June 2020 - Ingenico
Group (Euronext: FR0000125346 - ING), the global leader in seamless payments, today
reveals that within 18 months of going live, its Russian
Payments Solution has outperformed all expectations with impressive payment
volumes and customer adoption. It is now one of the fastest growing payments
offerings from Ingenico ePayments, providing unique local acquiring and payment
capabilities for international businesses selling online to Russian consumers
in digital goods, retail, travel and more.
The success of the solution is credited to Ingenico's
deep understanding of the Russian financial system and partnerships it has
built within the Russian banking ecosystem. Through these partnerships Ingenico
developed a unique solution with local access to the Russian financial system
and payment landscape providing local acquiring, local payment methods and
multi-currency processing capabilities.
Ingenico is managing massive volumes through
its new solution - a billion in USD flow in its first 18 months - and is seeing
impressively high payment approval rates. By working with leading acquiring
banks such as Sberbank and Alfa Bank, Ingenico has seen impressive approval
rate increases of up to 20% for customers. A high approval rate is crucial for
online businesses as it leads to more online sales, lower shopping cart
abandonment and returning customers.
The Russian Payments Solution offers Mir (Russia's
domestic card scheme) and Russian e-wallets Qiwi and Yandex.Money. It supports
domestic payments in multiple currencies in addition to the Rouble, including
EUR and USD reducing the risk for Russian issuers. It is fully compliant with
MirAccept, Russia's equivalent of the 3D Secure authentication mechanism.
Ingenico is also regularly adding new capabilities including a BSP feature for
airlines with local acquiring, single report and single remittance.
The solution's capabilities and outstanding
performance have allowed Ingenico to successfully process 100 million payments
from Russian consumers buying products overseas. Its success was further driven
by an extraordinary performance during China's Singles Day 2019, reporting
record breaking transaction volumes and payment authorization rates. Already, the company has onboarded 10% of its overall merchant
customer base, helping companies like Air China, All Nippon Airways, inCruises, Joom and SHEIN accept payments from Russia with
Ingenico launched the Russian solution in
2018 as part of a strategic approach to help businesses target high growth
markets including Brazil, Russia, India and China. Apart from growing fast,
these countries have significant barriers to entry. Their unique domestic
ecommerce ecosystems demand specific solutions tailored to local preferences.
Ingenico is delivering solutions for these markets expeditiously as it sees
Daria Nikolaeva, PR Manager for Europe at
Joom, the fastest-growing shopping application in Europe, who were recently
onboarded onto Ingenico's solution, said: "Russia
has historically been a tough ecommerce market to crack. With Ingenico's unique
and tailored solution we're operating in this fast-growing market with ease."
Goodenough, General Manager, EMEA at Ingenico ePayments, said: "The first 18 months have been
exceptional for our Russian Payments Solution as it is unlike any other
available on the market. It's a remarkable example of how we connect sellers
and buyers. While Russian ecommerce is rapidly growing, we can support you to grow
and scale further."
The issuer is solely responsible for the content of this announcement.
About Ingenico Group
Ingenico Group (Euronext:
FR0000125346 -- ING) is shaping the future of payments for sustainable and
inclusive growth. As a global leader in seamless payments, we provide merchants
with smart, trusted and secure solutions to empower commerce across all
channels and enable simplification of payments and deliver customer promises.
We are the trusted and proactive world-class partner for financial institutions
and retailers, from small merchants to the world's best-known global brands. We
have a global footprint with more than 8,000 employees, 90 nationalities and a
commercial presence in 170 countries. Our international community of payment
experts anticipates the evolutions of commerce and consumer lifestyles to
provide our clients with leading-edge complete solutions wherever they are