Impending B2B payment revolution in Russia

As is the case around the world, business-to-business (B2B) payment solutions in Russia are lagging behind business-to-consumer (B2C) solutions. In fact, B2B transfers are still a relatively painful process in Russia that can take up to 3 days, often resulting in downtime and lost revenue. The slow pace at which B2B payment solutions have evolved is somewhat surprising given that the B2B payments industry in Russia is much larger than the B2C one. This situation, however, is beginning to change.

In 2018, Yandex.Checkout and Sberbank introduced online B2B payments to the Russian market. The two companies developed a platform allowing a legal entity to pay online for goods and services via invoicing, speeding up the payment confirmation process from 3 days to just one to three minutes. This solution has every chance to revolutionize the Russian B2B payment market and make it similar to the B2C one, or perhaps even better. In the end, the new platform could serve as the impetus to transform the B2B payments market at its core and help B2B e-commerce grow significantly in the country.

Source: www.bankingtech.com