Worldline and Joom Partner to Tap Russian Payments Industry

Worldline (Euronext: WLN), a European payments company, has partnered with the ‘social e-commerce’ platform, Joom that will offer its clients access to the Russian markets.

Announced on Thursday, the partnership will benefit both European online businesses and their Russian customers by streamlining their payment modes.

A Major Market

“Russia is a key market for us with 144 million potential customers,” said Yuri Ivanov, the Co-Founder and CMO at Joom. “Working with Worldline made what could have potentially been a difficult process extremely easy, and we are confident that we will be able to thrive in a new marketplace.”

Founded in 2016, Joom became the first platform to offer European merchants access to the Russian market. In addition, it is expanding aggressively at a global level and recently launched logistics services in Europe and South Korea, along with hubs in China and Turkey. With the latest partnership, Joom is using Worldline’s Russian Payments Solution, which was created in 2018 to broaden the country’s digital commerce and local payment preferences.

Raymond Cui, Head of Marketplaces at Worldline’s Digital Commerce division, commented: “Joom has a fascinating and unique business model. ‘Social ecommerce’ is very different from other large, more traditional online shopping sites, and it allows small businesses to gain worldwide exposure.”

“Russia can be a challenging market to enter, but Worldline has made it a priority to allow our clients to smoothly transition into this high growth market, and we are thrilled with our collaboration with Joom.”

Meanwhile, Worldline made a few acquisitions recently: it bought Handelsbanken’s card acquiring activities in the Nordic region and Cardlink SA, a Greek network service provider, both in October. Furthermore, the company expanded services into South Korea recently and partnered with Eurobank to strengthen its European presence.