Payments in Russia 2017: What Consumers Want
"Payments in Russia 2017: What Consumers Want", 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. The report also examines the main regulatory players overseeing the market.
Although cash plays a dominant role, accounting for 52.1% of total transaction volume in 2017, the Russian payment card market is gradually shifting towards electronic payments, as it grew substantially in terms of both transaction volume and value during the review period. The uptake of electronic payments can be attributed mainly to government initiatives such as financial inclusion programs, regulations to cap cash payments, and the introduction of the National Payment Card System, which launched the first national payment card, Mir, in December 2015. The introduction of new payment technologies and the growth of e-commerce payments are expected to increase electronic payment adoption in the Russian market. The modernization of the countrys payments infrastructure and the gradual adoption of contactless technology by Russian consumers will support the transition to cashless payments.
It provides in-depth analysis of the following -
- Analyzes consumer attitudes to financial services by lifestage.
- 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 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 five-year forecast for the development of the market.
- Following the Russian invasion of Crimea on March 18, 2014 the US government imposed sanctions against Russia. Consequently, Visa and Mastercard ceased processing card payments in the country. To counteract this the Russian government created a domestic payment card system, the National Card Payment System, in April 1, 2014 and launched the Mir national payment card in December 2015.
- The new federal law signed by the Russian president in May 2017 mandated that all public sector employees and workers who receive welfare benefits from federal or state funds will migrate to Mir payment cards from July 1, 2018. As of July 1, 2017 all ATMs and POS terminals in Russia should be able to accept Mir payment cards.
- While banks in Russia still focus on traditional bricks-and-mortar branches to deliver services, OTP Bank Russia launched its mobile-only bank, Touch Bank, in August 2015.
Reasons to buy
- Understand the key facts and figures in the consumer payments market in Russia.
- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
- Find out what products the major competitors are launching in the market.
- Discover consumer sentiments towards various payment tools in the Russian market and use this knowledge to inform product design.
Table of Contents
Payments Infrastructure & Regulation
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