Russia is one of the world’s most dynamic ecommerce markets. It is estimated that ecommerce sales exceeded EUR 28 billion in 2017 and with two-thirds of online Russian consumers shopping cross-border, ecommerce revenues are growing by 17% a year.
However, it has been a challenging market for international merchants, without a Russian legal entity, payments are typically processed as cross-border transactions by acquiring banks outside of Russia, which significantly impacts authorisation rates. Even international merchants that have a Russian legal entity face serious issues around VAT and repatriation of funds remitted locally.
By partnering with Russia’s acquiring banks – including Sberbank – Ingenico is able to process payments for the majority of Russian issued cards ‘On-Us’. The unique solution also enables merchants to convert rubles and remit in the currency of their choice, without the risk that comes with converting a fluctuating currency internationally.
What is more, Ingenico is the first international payment service provider (PSP) to process MIR cards. Supporting Russia’s domestic card scheme is vital given that more than 49 million MIR cards have been issued since its introduction in 2015.
Now, merchants working with Ingenico do not have to establish a local entity to accept Visa, Mastercard or MIR cards, while being assured that personal data is being stored in compliance with local regulations.
To find out more about in terms of Ingenicos services and offering, please visit our dedicated online payments company database.
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