RBK Money teams up with UKTI

Helping British companies trade in Russia

RBK Money, an online payment provider via e-wallet, credit/debit card and instant money transfer, and service provider for online businesses, is teaming up with UKTI to help British companies trade in Russia (view press release). The company operates in 40,000 post offices in Russia and is affiliated with the country’s main banks.

Russia is not a difficult market but, like all markets, you do need to understand local differences,” said Paul Bartholomew-Keen, recently appointed head of RBK operations in the UK. “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.” 

RBK Money’s online payment system offers UK companies, especially those who are first-time exporters, a secure method of trading in Russia,” said UK Trade & Investment Chief Executive, Nick Baird. “Russia is the UK’s third-largest export market outside Europe and North America. Bilateral trade with Russia has grown from £8.6 billion to over £12 billion in the last year. There is a wealth of opportunities for UK firms…” 




Related reading

Leave a comment