MOSCOW (Sputnik) — Chinese online shopping websites accounted for 70 percent of cross-border online payments made by Russian customers in 2014, the study by East-West Digital News (EWDN) agency and Russian internet company Yandex said.
According to the study, some $3.5 billion out of $5 billion that Russians have spent on foreign internet websites in 2014 were spent on Chinese websites.
The studies suggest that AliExpress online retail service was Russia's most visited Chinese e-commerce site, followed by China's largest consumer-to-consumer platform TaoBao and Tmall, formerly Taobao Mall, a website for business-to-consumer retail. All three websites belong to Hangzhou-based Alibaba Group Holding. The company's revenue for the 2013-2014 fiscal year amounted to $8.4 billion.
In 2014, Russia's Yandex.Money online payment service began working with almost 40 large and medium Chinese online shops becoming the most frequently used payment service in Russia's cross-border online trade.