Russia Cards and Payments - Opportunities and Risks to 2027

The ‘Russia Cards and Payments - Opportunities and Risks to 2027' report provides top-level market analysis, information and insights into the Russian cards and payments industry, including:

Current and forecast values for each market in the Russian cards and payments industry, including debit, and credit cards.

Detailed insights into payment instruments including cards, cash, mobile wallets, credit transfer, and direct debits. It also, includes an overview of the country's key alternative payment instruments.

Ecommerce market analysis.

Analysis of various market drivers and regulations governing the Russian cards and payments industry.

Detailed analysis of strategies adopted by banks and other institutions to market debit, and credit cards.

Comprehensive analysis of consumer attitudes and buying preferences for cards.

The competitive landscape of the Russian cards and payments industry.

Scope

• The Central Bank of the Russian Federation introduced the Faster Payments System (also known as SBP) in January 2019. The system enables users to make fund transfers in 15 seconds using the recipient’s phone number. Users can make transfers online 24/7 via their bank’s mobile or internet banking service. The central bank added QR code-based functionality to the system in August 2019, enabling payments for goods and services using mobile devices. As of October 1, 2023, there were 218 banks using the Faster Payments System. The system had processed over 8.8 billion transactions worth RUB40.9 trillion ($556.3 billion).
• QR code-based payments are increasingly being rolled out for public transport. In June 2023, SberTroika introduced a new fare payment app for public transport in the Astrakhan region. Passengers can add money to the virtual card stored in the app and make contactless payments to pay for their trips. The My Troika app offers two ways to pay for travel: scanning a QR code attached to the vehicle or showing a QR code generated in the app to the vehicle’s reader. Both methods deduct payments from the virtual card.
• Contactless payments been supported by increased acceptance among merchants. As per the central bank’s National Payment System Development Strategy for 2021-2023, 80% of POS terminals in the country support contactless payments. Contactless card usage is expected to rise further in line with growing adoption of contactless technology in the public transport sector.

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to the Russian cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Russian cards and payments industry.
• Assess the competitive dynamics in the Russian cards and payments industry.
• Gain insights into marketing strategies used for various card types in Russia.
• Gain insights into key regulations governing the Russian cards and payments industry.