" class="no-js "lang="en-US"> APEXX Global streamlines Russian payments for eShopWorld - Fintech Finance
Wednesday, May 22, 2024

APEXX Global streamlines Russian payments for eShopWorld

Payments platform will enable eCommerce giant to rapidly evolve in fast growing market

Global, the first single marketplace for global payments, is today announcing that it has added international cross-border eCommerce giant, eShopWorld as a client, to support the payments process in Russia on its platform. eShopWorld is the global eCommerce partner to some of the world’s leading brands, providing the technology and infrastructure to access shoppers in more than 200 diverse global markets.

APEXX Global is one of the first platforms to process payments through the national MIR payment system. It is connected to the three largest banks in Russia – Sberbank, VTB, and Alpha Bank – making it possible to route all transactions back to the issuing bank and guaranteeing On-Us processing of 80% of all local Russian transactions. With On-Us processing, businesses typically see a 5-10% increase in local transaction approval ratios, and a 15-20% increase in cross-border transaction approval ratios.

Implemented to mitigate political risk between Russia and the US, the MIR payment scheme was mandated for issuers by the Central Bank of Russia. It is fast becoming one of the biggest card schemes in Russia, with over 50 million MIR cards issued to date.

With 35% of Russians regularly shopping online and two thirds choosing to specifically buy from international retailers1, availing of the MIR scheme can reduce the impact of any regulatory action that might affect international payment schemes.

eShopWorld’s Russian solution will be complemented by APEXX Global’s Russian presence, with improvements in payment acceptance rates, and access to features such as analytics, transactional reporting and advanced routing capabilities

Commenting on the announcement, APEXX Global’s co-founder and Managing Director, Rodney Bain, says “We are very excited to be working with eShopWorld. The addition of APEXX Global’s platform will help them to improve their offering in Russia’s growing market, whilst also driving cost efficiencies in payment processing. We now look forward to working even more closely with them as we roll this out across new markets.”

Tommy Kelly, CEO of eShopWorld says “As the global leader in cross-border ecommerce, eShopWorld continually seeks to improve our solution in each market we serve for our clients. Payments is an important element of the customer journey, and we are happy to be working with APEXX Global’s to evolve our payment offering in the Russian market.”

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