Russians Start to Make Online Purchases on Credit More Often

Russians began to make online purchases on credit or on the installment plan more often in the first quarter of 2021, according to a study conducted by the analysts of Yookassa. The copy of the study was obtained by TASS.

The data for February-March shows that the volume of such payments increased by almost 40%.

“Sales of goods and services on credit or by installments via the Internet are actively growing. In February-March 2021, the turnover of payments for such purchases increased by 38% compared to the same period a year earlier. At the same time, the average check increased by 20%, the number of sales grew by 14%,” the study says.

Oksana Korobkina, Commercial Director of YooMoney (which includes Yookassa, belongs to Sberbank) notes that the “buy now, pay later” option is gaining popularity both in Russia and in the world.

“Mass self-isolation only strengthens this trend. Over the past few years, it has been actively developing in Russia. Since 2019, the turnover of payments on credit or by installments through our service has soared by 2.3 times, the growth of the average check was the same,” she says.

According to her, purchases on credit in the “education” category show significant growth. “According to various estimates, EdTech in Russia is growing annually by 17-25%, and the financial availability of useful digital content is becoming a growth driver in this area,” the commercial director of YooMoney adds.

According to the company, most of the orders paid on credit or by installments account for amounts up to 50,000 rubles ($672) (74% of such purchases). Sales for amounts from 50,000 ($672) to 100,000 rubles ($1,344) accounted for 19%, sales for amounts from 100,000 ($1,344) to 150,000 rubles ($2,016) accounted for 6%. In about half of the cases (47%), Russians take out a loan or an installment plan for 12 months, in 39% – for six months. At the same time, analysts at Yookassa note that the payment discipline of debtors has improved in 2021. This year, Russians successfully repaid 95% of loans and installments, in 2020 this figure was 10% less.