Popularity of E-Money in Russia

Russian alternative payment method firm Yandex.Money, in cooperation with leading market research and information group TNS have conducted a survey to help better understand the popularity of electronic payment methods among Russian online shoppers.

The survey is the first of its kind to include participants in the 12-17 age demographic as well as the 46-55 age category. A total of more than 2,800 respondents participated in the survey.

Electronic money or E-money was ranked in the top 3 E-payment methods. The survey found a total of 97% answered they are aware of the term and concept with 46% of them using an E-money service to pay for goods and services at least once in the past 6 months. E-money also proved to be the preferred method of payment for online purchases ranking over online banking and SMS Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, which received 31% and 37% respectively.

Younger demographics, ages 12-17, are more prone to use E-money for online purchases with 53% preferring the method over other conventional solutions. The older demographic, ages 46-55, seemed more split on deciding, with an equal 68% for both E-money and traditional bank cards.

Yandex.Money was ranked as the most widely used E-money service. Among all those who participated, ages 12-55, 22% of them have used Yandex.Money at least once in the past 6 months. Use percentages of other services go as follows: QIWI.Wallet — 21%, WebMoney — 19%, PayPal — 14%, and Money@Mail.ru — 6%.

Yandex.Money and Qiwi reigned over its competition with the younger age group and both attracted 27% of the 12-17 demographic. Direct competitors WebMoney and PayPal fared less and drew in only 24% and 14% respectively.

The 46-55 age demographic chose WebMoney and Yandex.Money with 46% and 40%, respectively. Qiwi and PayPal raked considerably less with rates of 29% and 27%, respectively.

When looking at genders, the survey found both men and women use electronic money equally. It was that found most users of E-money services are managers or professionals with medium to high incomes. Most of them are advanced Internet users (40%), but the proportion of those who have only recently mastered the Internet is also high (35%).

In the 12-17 demographic, males from above average income houses are more active when it comes to paying with E-money. The older age group was prominently dominated by women with 54% using E-money services, 48% of whom are new to the concept of Internet usage.

E-money is mainly used for payments of mobile services, internet access, home utilities, and purchases at online stores. In Russia, E-money is also popular for sending funds between users.

The younger crowd is more prone to spending money online for online gaming purchases than any other demographic. Older users use E-money services mainly for goods and services. More than 40% of older users pay for utility services in e-money, and over 20% use it to pay fines and taxes.

Images and charts are courtesy of Yandex.money and TNS.