Yandex Launched The BNPL Service Payment System And Bought A Bank

Yandex Launched The BNPL Service Payment System And Bought A Bank

Yandex launched two payment instruments in 2021: Split and Yandex Pay. Split users pay for goods on Yandex. Market in parts: 25% of the cost immediately, and the balance is debited from their bank card in equal installments every two weeks.

The exact payment schedule appears when placing an order, and then it is displayed in the personal account of Yandex ID and Yandex.Market. Sellers immediately receive the entire cost of the order. And at the start, they use Split for free. And the user indicates only the full name and phone number when paying.

Yandex allows you to pay for the order in parts because it knows the client’s data and can assess its solvency. For example, a user has been buying goods on Yandex. The market for a long time and pays for goods in installments on time. Or he works as a taxi driver in Yandex Go and makes 15 trips a day.

Another Yandex financial service is Yandex Pay. With the help of a payment service, you can pay with a bank card on different sites without specifying its data.

The user links the card once to their Yandex account. Goes to the partner’s website and adds items to the cart. Selects Yandex Pay as payment. And the payment service itself pulls up the user’s data, delivery address, and card data from the Yandex account. The order is processed instantly. And the user receives cashback with Plus points, which can be spent on all Yandex services.

Ten partners have already joined the service: Lamoda, Zarina, Love Republic, Sela and Brand Shop, Rusfond, Alfa Insurance, Holodilnik.ru, Tele2, and Ural Airlines.

At the end of April 2021, Yandex bought Akropol Bank and renamed it ” Yandex Bank. ” In the future, the bank will support the company’s transaction services and issue loans to the self-employed.

Magnit Added To Its Payment Service The Function Of Paying For Mobile Communications, The Internet, And TV

Magnit is the first Russian retailer with its payment service. In December 2020, he launched Magnit Pay together with VTB Bank. Magnit is developing a white label fintech service — VTB has developed a payment service, and the retailer uses it under its brand.

The buyer of Magnit draws up a virtual Magnit Pay card in a mobile application. Enter the name, date of birth, phone number and set the verification code. After issuance, the card with details appears in your account. You can top it up with a bank transfer.

The user pays through Magnit Pay receives cashback for groceries at partner gas stations, taxis, movie tickets, and restaurants. The buyer gets 1% of the purchase amount in the first month, subsequent – 0.5% each. And he can spend them in Magnet at the rate of 1 bonus is equal to 1 ruble.

In March 2021, Magnit added mobile communications, internet, TV, and transport cards to the app. Magnit was the first Russian retailer to implement such functionality.

Also Read: Co-creation In SETTERS: How We Team Up With Customers To Create New Products

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