Users will have access to an instalments plan once they fill out a simple form at the Yandex.Checkout’s website. According to a 2017 NAFI Research Center report, 27% of the respondents prefer to get loans or installment plans online.
Yandex.Checkout supports about 76 thousand stores and services worldwide and any store connected to Yandex.Checkout can add the Pay in Parts button to its website.
Once the store activates the feature, a small information block advising the customer on terms and conditions of installment plans will appear next to each item, so the customer will be able to choose the payment period and see the amount of each monthly installment.
The customer confirms the purchase by entering a security code from a text message. After that, the payments will be debited automatically from the Yandex.Money Wallet on a fixed day every month.
According to data provided by Mediascope in 2017, 66.3% of Russians use e-wallets, with 40% of those provided by Yandex.Money.
This new service is suitable for a wide range of online merchants, from furniture stores and childcare and maternity products retailers to flight ticket sellers and travel agencies. The project is developed by Yandex.Checkout in cooperation with PayLate.
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