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Yandex adds online installment payment plan to digital wallet

Yandex Money, which is considered the equivalent of PayPal in Russia, has introduced a new feature to its Checkout product that enables online stores and services to provide their customers with an option of paying for purchases in installments, according to a press release.

The installment plan will be available to the users immediately once they fill out a simple form at the Yandex.Checkout's website.

Yandex.Checkout supports some 76,000 stores and services worldwide, according to the release. The service is easily integrated: any store connected to Yandex.Checkout can add the Pay in Parts button to its website.

"Pay in Parts is useful when a person does want to make an unplanned, spontaneous purchase, for example, during a sales period, but is unable to spend the required amount of money," Yulia Gorelova, head of payment business at Yandex Money, said in the release. "The desired product or service can be purchased immediately after the customer submits the form."

Yandex said a shopper's first installment payment is debited from a payment source 30 days after the initial purchase.