- Russian ecommerce still 80 percent reliant on cash
- Net Element’s “PayOnline” payments platform to cash in on trend toward non-cash
- Strategic partnerships pave entry to Russian mobile and online payments market
In Russia, cash on delivery is not just a way to pay for takeout; it’s how over 80 percent of online purchases are remunerated, according to Ecommerce News Europe (http://nnw.fm/XeJw8). However, that is changing fast. In 2017, “financial cards and payments performed positively in Russia”, says Euromonitor International (http://nnw.fm/G9M4u). Russian consumers are changing their purchasing habits, it seems, as financial literacy and cashless payment solutions, like those offered by Net Element, Inc. (NASDAQ: NETE), come to market. A recent report from Zacks notes, “Net Element is a growth company in the payments industry that should benefit from the adoption of mobile and online payments in the U.S., Russia and Eastern Europe.” In fact, Net Element is the only U.S. company listed on the Nasdaq that stands to benefit from the Russian electronic payments expansion.
Russian consumers are a cautious lot, paying only for goods when they are received. Merchants display an equal degree of circumspection; they typically prefer cash-on-delivery (COD). COD in America was widely employed during the heyday of mail order commerce but has since been superseded by debit cards, credit cards and…
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