Payment Methods in CIS
The Commonwealth of Independent States (CIS) is home to more than 282 million people, stretching across 7% of the Earth’s total landmass. The largest e-Commerce market share belongs to the largest member state, the Russian Federation, which has the largest population, most of whom have bank accounts and internet access. Historically a cash-based society, Russia has begun transitioning to online payments, with debit cards, online banking, e-Wallets, and m-Commerce as the most popular payment options within the region at present.
Online banking has seen the most meteoric rise in popularity. Local banks, such as Sberbank Online, VTB, Tinkoff Bank, and Alfa-Click dominate the market. e-Wallets like QIWI and Yandex.Money (a joint venture between Sberbank and search engine Yandex) retain their position as the most popular alternative payment methods.