Leading e-commerce payment methods in Russia 2020-2021

Debit cards remained the most employed payment method for e-commerce shopping in Russia in 2021, gaining two percentage points share compared to the previous year. E-wallets usage share, on the other hand, dropped from 29 to 25 percent, remaining the second-most popular payment method in 2021 as well.

Fintech in Russia

 While online shopping has become an increasingly habitual way of shopping for Russians, the annual value of payment orders made through the internet steadily grew as well. Annual online payments revenue in the country has accordingly expanded, reaching about 1.8 trillion Russian rubles in 2020. E-shoppers’ preferred payment method in 2019 was online banking; however, e-wallets have also been gaining public interest over the last few years.

Russian e-commerce market

The Russian e-commerce market is at present in the phase of consolidation thus, its further expansion in the coming years is highly anticipated. In 2021, the e-commerce market value in the country was measured at 4.1 trillion Russian rubles - a growth of over 40 percent compared to the 2020 mark. The penetration rate of e-commerce exceeded 50 percent in that year.