Yandex.Money launches a protection system for online purchases in test mode

Starting today, March 20, the Yandex.Money payment system launched its own arbitration system, through which deceived customers will be able to get their money back. This was reported in the official blog of the Yandex.Money service.

The new arbitration system is aimed at protecting the interests of customers: according to the information in the Yandex.Money blog, when a dispute arises when the user is dissatisfied with the delivery, product, or became a victim of fraudsters, the company will indemnify its losses and continue further proceedings with the seller. Yandex believes that such an approach will increase the level of trust in the system and online purchases.

The main weakness of Yandex.Money for a long time has been user insecurity. In other payment systems, such as PayPal, a system of refund or refusal of payment is implemented. In the domestic Webmoney there is a whole system of arbitration and ratings, through which disputes are resolved on transfers, loans and other services within the system. Yandex.Money users were deprived of such support.

The Yandex.Money cashback guarantee applies exclusively to physical goods that are purchased from online stores. As conceived by Yandex, the user can apply within seven days after the date of the alleged fulfillment of obligations by the seller for the return of funds. Cashback still does not apply to: digital goods, purchases from hands, from private sellers for ads, and money transfers between users.
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Such tactics should boost online sales and encourage people to use an electronic wallet, according to Yandex. So far, the lion's share of operations is made in Russia for cash, including due to the lack of guarantees that in case of problems the money will be returned.

On the other hand, for the sake of customer loyalty, Yandex is not afraid to take on financial risks. The main lever of pressure on unscrupulous sellers is denial of service through the Yandex.Money payment system. This, according to company representatives, will be their trump card in the course of the proceedings.

According to statistics provided by the Vedomosti edition, the share of payments using electronic wallets in Russia ranges from 6 to 9%, depending on the region. A bank card is paid in 19% to 33% of cases. The second goal of Yandex, after increasing the popularity of its own service, is to increase the share of prepaid purchases, which are beneficial to retailers.

Testing of the new arbitration system will last two months - until May 20. According to its results, Yandex will decide on the future of “purchases with a guarantee.”