Yandex Teams With Chinese E-commerce For Cross-Border Payments

Chinese and Russian technology companies plan to jointly launch an e-commerce platform which aims to promote the cross-border trading between China and Russia.

Russian online payment system Yandex.Money will start handling payment services for China online payment platform TradeEase. This project is expected to be launched in summer of 2015 and its turnover is expected to reach USD830,000 within three months.

Russian media revealed that this e-commerce platform will be jointly launched by Chinese online payment platform TradeEase, Bank of China, Heilongjiang province, and the border city Suifenhe. At the same time, Yandex.Money revealed that at the initial stage, about ten sales representatives from Suifenhe and other cities in the southern part of Heilongjiang will join the platform. With the development of the platform, the number will increase to several hundred in a month and will reach over 1,000 by the end of 2015.

Survey results provided by Yandex Market and German research organizations showed that e-commerce platforms with many Chinese online stores are the most popular in Russia. Yandex Market is an Internet shopping website under the well-known Russian portal website Yandex.