Qiwi is a highly popular Russian wallet.
It enables customers to shop and pay bills electronically, but without having to transmit bank account or credit card numbers over the Internet – a significant advantage in a market where less than half of adults have a bank account.
With over 70 million unique customers per month, and a payment volume of almost USD 16 billion in 2013, it is a leading alternative payment method and a must-have payment option for international merchants in the Russian market.
Adyen Enables One-click Payments
To help merchants provide a fast, user-friendly experience to their customers, Adyen has collaborated with Qiwi to make it possible for Russian shoppers to make “One-click” payments. This easy, seamless, one-click checkout process has considerably improved the conversion rates of merchants, with many returning customers making recurring payments from a mobile or any other online device.
- 170,000 self-service kiosks
- $16 billion in payment volume
- 75,000 merchants
- > 70 million unique payers per month
Online: When making a purchase online, on the payments page the shopper selects the Qiwi payment method and is asked to enter their email address and mobile number, which doubles as the Qiwi account identifier. After filling in the details, the customer receives a validation code via SMS.
If the website is not using the Adyen one-click payment option, he or she is redirected to the Qiwi payment page to complete the purchase with the validation code. But if it does use the one-click solution, a direct API integration enables customers the option to simply confirm that they would like to complete a purchase on the merchant website, removing the need to redirect to the Qiwi website.
At a Qiwi kiosk: While not directly relevant to the One-click solution, it is important to mention that Qiwi has around 170,000 ATM-style kiosks across Russia, where customers can deposit cash and make payments to over 2,000 providers, including for such things as rent, phone bills, clothes, train tickets, or loan repayments. The cash-driven approach may sound outdated, but is actually a relatively secure way of making payments in Russia as it does not leave sensitive credit card numbers and other personal details online.
Topping up Balances
Shoppers who pay with Qiwi can top up balances in the following ways:
- Qiwi Payment kiosk
- Credit/debit card linked to their Qiwi account
- Prepaid balance on the shopper’s mobile phone
- Webmoney account linked to their Qiwi account
Qiwi comes with a number of advantages. Less than half of Russian adults have bank accounts, and a widespread culture of distrust toward banks means that an enormous percentage of the population are open to alternative payment methods. Qiwi is easy to register for, easy to use, cash-friendly, and free of charge. With its enormous network of payment kiosks in Russia (as well as some in neighboring markets and even the US), Qiwi has more than double the reach of any individual bank’s ATMs. And through a combination of transaction monitoring, SMS transaction verification for cardholders, and a dedicated anti-fraud team, it is a secure payment method with no risk of chargebacks.