MIR payment system: what the Russian customer will see in you

PayXpert

PayXpert
Published 10/08/2020 · 3 min read

Russian consumer card payment has evolved radically in recent years. It has experienced an increase in the compound annual growth rate of 20.6% between 2014 and 2018, in terms of the value of the overall transaction. In other words, card payment in Russia is gaining ground, and is becoming as an increasingly important payment method for the Russian consumer.

Meet Russian consumers: they pay by card and can be your next customers

Yes, we know: you may not yet understand how understanding the Russian consumer can benefit your business. Most of our customers come to us with the same questions: "What are the best strategies for increasing sales?" Or, especially in times of coronavirus: "How to sell online?" , "What are the best online payment gateways?". Others have it figured out: "I want financial technology tools to improve the KPIs of my business." Well, understanding the Russian consumer better is one of the keys that will open the doors to a growing market, the market of the future and full of growth opportunities for your business. And yes, financial technology is behind all this. 

"What are the best strategies to increase sales? How to sell online? What are the best online payment gateways?" These are some of the most frequently asked questions by our customers

We show you with data. According to a report by Ewdn, one of the main research sources devoted to the digital and ecommerce industry in Russia, as early as 2013 nearly 30 million Russians made purchases on the internet. A total of $16 billion dollars was spent, 3 of which were spent on purchases from shops outside Russia. And this is at a time when internet commerce hadn't experienced the boom of recent years. But what is the Russian consumer looking for in international ecommerce?  

The Russian customer buys in international ecommerce: your chance to take your business to another level

There are 4 main reasons that make Russian consumers search in online shops in other countries, according to Ewdn:

  • Buying products not available in Russia: brands or local products from other countries.
  • Cheaper prices.
  • A wider offer.
  • Higher quality products.

We can deduce the following from this buyer: he is curious, he is willing to research new products and shops beyond the offer that is immediately available to him. He appreciates quality (and is willing to pay for it). He spends wisely, in other words, he will buy from whoever offers the product he wants at the most competitive price. And this is where your ecommerce can find a place in his heart, even if your business is based thousands of miles away.

The Russian tourist: a customer that your business can't ignore

But not only through online shopping: the Russian tourist is one those who spend the most on every trip. It is estimated that every year about 39 million Russians take trips abroad, spending an average of $1,676 per person on each trip. In addition, 70% use bank cards during their trips.  

MIR card payment system: what the Russian customer will see in you

It has become clear that Russian customers demand foreign products: whether through ecommerce or tourism, they reserve a part of their average ticket for products they cannot find in Russia. But there's something you can't overlook if you're thinking of opening your business to the Russian market: a payment method tailored to their preferences. This is where the MIR card payment system comes in.

A customised payment solution: the best strategy to sell more online

Offering the MIR card payment system in your business is the factor that makes the difference when it comes to opening the doors of your business to more than 147 million potential new customers. That's why, as fintech consultants, we know the enormous opportunity this presents for our customers: retailers looking for new ways to expand their business and gain new customers. As the only purchaser of the MIR payment system in Europe and the UK, PayXpert can help you add this payment method to your business and e-commerce.  

Fintech tools from PayXpert to improve your KPIs

We know you think very carefully about the decisions you make for your business. As nice as we have painted it for you, you want all the information we can give you about our services before taking the step to become our financial partner. That's why we bring you the main reasons why to include the MIR payment system with PayXpert.

  • More than a payment method: you'll have access to experts in the Russian market to help you make the right decisions for your business.
  • With our monitoring and intelligence tools, you'll have a clear view of the evolution of your finances. This saves you time and money for efficient and optimal management control.
  • We are a regulated payment institution throughout Europe and the United Kingdom.
  • MIR payment system and much more: we have more than 20 alternative payment methods integrated into our platform.

Our job is to give you tools to increase conversion rates and optimise your finances. You may not have considered the option of working with a financial partner until now, but you probably now have a slight idea of how we can help you achieve your goals. We work to help you develop strategies to increase sales, improve your KPIs or help you implement an optimal method of management control. For all this, we offer you much more than international payment methods: we have been developing tools for financial data management, sales optimisation and business intelligence for years. Sounds good, doesn't it? Visit our website to discover all our tools and services. Having a financial partner is worth it. 

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