RBK Money, a payment platform provider, has set up shop in the
UK, from where it will look to expand its network.
RBK Money specialises in e-commerce payments.
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In Russia, RBK Money has a distribution network that spans
40,000 post offices through which it says it reaches 143 million
consumers.
RBK Money,s managing director in the UK is the ex managing
director of epay UK, Paul Bartholomew-Keen.
RBK Money is going to collaborate with UK Trade & Investment
and will focus its service on UK companies trading with Russia.
Paul Bartholomew-Keen said:
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By GlobalData“Russia is not a difficult market but, like all markets, you do
need to understand local differences. The two major ones are that
Russians like to pay in cash and many don’t have bank accounts or
credit cards (even amongst their growing middle classes). If you’re
selling online you need a payment method that can manage that.
“Secondly, many parts of Russia are very rural and they don’t
have postcodes. Goods can easily get lost so it is far better for
goods to be sent to an official address, such as the local post
office where the recipient can both pay for the goods and collect
them. This eliminates the distribution worries that many companies
have when trading with Russia.”
The CEO of UK Trade & Investment, Nick Baird said that
Russia is the UK’s third-largest after continental Europe and the
US. He said:
“RBK Money’s online payment system offers British companies,
especially those who are first-time exporters, a secure method of
trading.”
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