Wix.com Partners with Yandex.Money to Support International Expansion through Localized Payments
Yandex.Money’s Online Payments Service Supports Wix’s Localized Payment Strategy as it expands in the Russian Market
March 5, 2014, Tel Aviv and Moscow—Wix.com Ltd. (Nasdaq: WIX), a leading global web development platform, announced its partnership with Yandex.Money, the largest online payment service in Russia, which will provide a local online payment system to Wix’s users there. Through this partnership, Wix is now able to provide Russian users its powerful website development technology, supported by Yandex.Money’s robust and popular online payment solutions.
As Wix continues to expand into new geographies, the company is taking a strong local approach by not only translating its platform into other languages, but also by tailoring its payment solutions to the varying standards and practices of the different markets. By partnering with Yandex.Money and other leading local payment providers instead of relying solely on international credit card payments, Wix plans to accelerate its growth in key markets.
Wix enables its 42 million registered users to create a professional online presence themselves and manage additional aspects of their business, beyond website creation, all from the Wix Cloud. Wix users can maintain a free website and upgrade to a paid premium subscription in order to benefit from additional features and capabilities such as connecting a domain, removing Wix branding and adding e-commerce solutions. Through the company’s payment localization strategy, Wix users in different geographies are able to upgrade to premium products using a payment method that they recognize, trust and can easily access.
With over 16 million accounts and 10,000 new ones registered every day, Yandex.Money is the largest electronic payment service in Russia. Yandex.Money’s safe and reliable online payment service enables Russian users who don’t have an international credit card or are hesitant to enter card details in online stores to make purchases online without facing extra fees. During 2013, Yandex.Money saw a 17% increase in payments for website building and hosting services among its users, an encouraging trend for this partnership.
“Expanding in new markets is one of our goals for 2014, and we’re focusing on tailoring our cloud-based solutions to fit the specific needs and requirements of users in these markets,” said Lior Shemesh, Wix’s CFO. “Wix is all about simplifying and streamlining the web creation and management process, and it’s our priority to provide an uninterrupted and frustration-free user experience, no matter where our users are located. The partnership with Yandex.Money, the largest online payment service in Russia, takes us yet another step closer to achieving this in Russia and help Russian SMBs take their businesses online.”
“E-commerce in Russia has been booming,” said Dmitry Danilenko, Yandex.Money’s Chief Commercial Officer. “According to Morgan Stanley, the sector will have doubled by 2015. We see a lot of interest among users in this area, many of whom hope to start an online business of their own. Wix.com allows users to create their own websites for free, and its premium features help these users take their professional business presence to the next level. Yandex.Money has over 16 million accounts and we’re happy to help them and all Russian users launch their own online business.”