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(MoneyNewsWire.Net, March 14, 2018 ) The Russian payments market is showing significant change as it slowly moves towards digital payments. In spite of cash playing a dominant role, new payment technologies will progressively gain in importance, with mobile payments and online commerce expected to contribute to increasing the level of electronic payment adoption in the Russian market. The modernization of the payments infrastructure and the creation of a National System of Payment Cards will support the transition to cashless payments.
This report examines the consumer payments market in Russia, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. This report also examines the regulations in force in the market which players must comply with, and how these have changed in recent years.
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Leading Key Players:
Zolotaya Korona (Golden Crown)
Mastercard
Visa
American Express
Ulmart
Magnit
X5 Retail Group
Dixy
Lenta
DNS
Sberbank
VTB24
Russian Standard Bank
OTP Bank
Bank of Moscow
Gemalto
Yandex.Money
Open Bank
UniCredit Bank
Samsung
Apple
Nokia
Sony
Scope:
- While cash remains important as a payment tool in Russia, cards will be used more frequently as the move to non-cash payments accelerates. Providers should promote card adoption and use merchant partnerships, reward programs, and benefits to encourage card use, while educating Russian consumers about the advantages of using payment cards over cash.
- As Russian consumers become increasingly comfortable with online commerce, this channel will report significant growth over 2015-20. While 49% of the number of transactions and 23% of the value of transactions are made using cash or cheques, mobile payment providers should promote secure and convenient products (features most valued by Russian consumers using cash/cheques online).
- In spite of recent progress, Russia’s infrastructure network is still relatively underdeveloped, with 1 POS terminal per 98 people and 1 ATM per 707 people. Since smartphone penetration is estimated to increase by almost 15% during 2015-20, providers should consider targeting the mobile point of sale (mPOS) network in order to increase card acceptance in the country.
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Reasons to buy:
- Understand the key facts and figures in the consumer payments market in Russia.
- Find out what products the major competitors are launching in the market and plan your strategy accordingly.
- Discover consumer sentiments towards various payment tools in the Russian market and use this knowledge to inform product design.
- Learn about the key regulatory requirements affecting Russian payments players and any recent or upcoming changes to those requirements.
The report also examines the main regulatory players in Russia.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards prepaid cards, P2P tools, mobile payment tools, and contactless cards, and how companies in Russia are deploying these tools to meet customer needs.
- Explores the online payment market in Russia by merchant type and payment tool, as well as providing a 5-year forecast for the development of the market.
- Considers the regulations affecting the payments market and how they are likely to affect both incumbents and disruptors.
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