Ingenico Group announces elevated engagement in Russia

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Ingenico Group, the global specialists in seamless payments, has revealed the continued growth with its Russian Payments Solution, with capabilities being boosted for international businesses selling online to Russian consumers in digital goods, retail, travel and other industries.

The group revealed it has outperformed all expectations with ‘impressive’ payment volumes and customer adoption. It is now one of the fastest-growing payments offerings from Ingenico ePayments.

Daria Nikolaeva, PR Manager for Europe at Joom, the fast-growing shopping application in Europe, who were recently onboarded onto Ingenico’s solution, commented: “Russia has historically been a tough e-commerce market to crack. With Ingenico’s unique and tailored solution we’re operating in this fast-growing market with ease.”

The firm credited the success of the solution to Ingenico’s deep understanding of the Russian financial system and partnerships it has built within the Russian banking ecosystem. 

Through these partnerships, Ingenico developed a unique solution with local access to the Russian financial system and payment landscape providing local acquiring, local payment methods and multi-currency processing capabilities.

Mike Goodenough, General Manager, EMEA at Ingenico ePayments, added: “The first 18 months have been exceptional for our Russian Payments Solution as it is unlike any other available on the market. It’s a remarkable example of how we connect sellers and buyers. While Russian e-commerce is rapidly growing, we can support you to grow and scale further.”

Ingenico launched the Russian solution in 2018 as part of a strategic approach to help businesses target high growth markets including Brazil, Russia, India and China. Apart from growing fast, these countries have significant barriers to entry. Their unique domestic e-commerce ecosystems demand specific solutions tailored to local preferences. Ingenico is delivering solutions for these markets expeditiously as it sees massive opportunity.

The Russian Payments Solution offers Mir (Russia’s domestic card scheme) and Russian e-wallets Qiwi and Yandex.Money. It supports domestic payments in multiple currencies in addition to the Rouble, including EUR and USD reducing the risk for Russian issuers. 

The solution is also fully compliant with MirAccept, Russia’s equivalent of the 3D Secure authentication mechanism. Ingenico is regularly adding new capabilities including a BSP feature for airlines with local acquiring, single report and single remittance.