RBK.money and Data Insight have conducted a joint study of consumer behavior when paying for goods and services. The study examines the most popular payment methods in Russia, as well as the most common problems when using these methods. In total, analysts studied 9 payment methods: online card payments on the site at the time of order, card payments upon receipt of goods, cash, online banking (payment in the application or on the website), e-wallets, mobile payment systems Apple Pay and Google Pay, payment terminals, fast payment systems, and cryptocurrency.
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The most popular payment methods for goods in Russia have become known
For each of the methods, the demand was studied in 14 different business segments. The study involved 1602 people aged 18 to 64 years from several regions of Russia who, over the past 30 days, paid for purchases or services in one way or another.
“In order to develop customer-centricity of payment systems and design modern interfaces, it is necessary to have accurate data on what people are guided by when paying for purchases, what makes them difficult or even a desire to refuse a purchase at the stage of payment,” comments the CEO of RBK.money Denis Burlakov. “By offering people the most convenient payment method for them, as well as providing several methods to choose from, online stores and other companies can significantly reduce the bounce rate and strengthen relationships with their target audience, who are used to paying for goods and services in a certain way.”
According to Fyodor Virin, partner of the Data Insight agency, this is the first comprehensive study of online payments, which affects not one or not two, but a dozen and a half unrelated areas.
The survey was conducted in February-March 2020, before the start of the coronavirus epidemic and related restrictions. However, according to Denia Burlakov, the pandemic only introduced temporary adjustments in purchasing behavior, and the trends in purchasing behavior identified before it began can be called stable today. So, usually, people use 3-4 different payment methods within a month, and almost a third of the respondents have used five or more different payment methods during the last month. The most typical combination for 76% of respondents was a combination of online card payments and cash.
“We have already seen in our research that the development of online payments is a driver for the development of all existing online practices, from online shopping and hotel booking to a lottery of donations to charity. Exactly so, and not vice versa, – comments Fyodor Virin, partner of Data Insight agency. – Having received a convenient, simple, secure payment tool at their disposal, consumers begin to transfer their offline payments to the Internet. So users make their lives more convenient, and the cost of servicing payments is lower. The development of online payments is, therefore, a driver for the development of a wide range of online technologies and online services. ”
The undisputed leader in online bank card payment: it is ahead of all other payment methods in most areas and accounts for more than half of all payments. Only 9% of respondents have never made an online card payment at the time of order payment for the previous month. Users appreciate this payment method primarily for the high degree of data protection and for the speed of the payment.