Russia Cards and Payments – Opportunities and Risks to 2024

Pages: 83 Published: May 31, 2021 Report Code: GDFS0500CI

GlobalData’s 'Russia Cards and Payments – Opportunities and Risks to 2024' report provides detailed analysis of market trends in the Russian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, and direct debits during the review-period (2016-20e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2020e-24f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

This 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 cash, cards, credit transfers, 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.

Scope

– In order to be on par with its European peers, in January 2019 the central bank introduced the Faster Payments System (FPS), which enables users to make fund transfers in 15 seconds using the recipient’s mobile phone number. Users can make transfers online 24/7 via their bank’s mobile or internet banking service. Following the successful launch of FPS, the central bank added QR code-based functionality to the system, enabling payments of goods and services using mobile devices. To encourage the adoption of FPS-based QR code payments, the central bank is making it mandatory for banks with a universal license to offer FPS-based QR code payment services by April 1, 2022. For systemically important banks the deadline is October 1, 2021. As of February 2021, 42 banks had launched FPS-based QR code payment functionality.

– The 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 must migrate to Mir payment cards from July 1, 2018, and pensioners by July 1, 2020. However, against the backdrop of COVID-19, the deadline for pensioners was extended until July 1, 2021. The government also mandated the acceptance of Mir cards at all merchant stores with annual transaction turnover of more than RUB40m ($0.5m), and at any stores that accept card payments for other payment schemes. From March 1, 2021 the threshold was reduced to RUB30m ($0.4m), and from July 1, 2021 it will be further reduced to RUB20m ($0.3m). This will accelerate payment card acceptance among merchants.

– The Russian government introduced the Unified Biometric System (UBS) in June 2018. This system allows individuals to authenticate their identity using biometric parameters and access financial services remotely. Users can register for the system at bank branches, where their photo image and voice profile is captured and uploaded to UBS. Based on UBS, retailers are deploying new biometric payment methods in order to enhance customer convenience. In March 2021, Russia-based X5 Retail Group announced the expansion of its “pay with a glance” service to its 150 Perekrestok supermarkets. The company initially launched the service at a coffee shop in Moscow in 2020, in collaboration with Visa and Sberbank. It was later trialed at 52 Perekrestok supermarkets.

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.

Key Players

  • Sberbank

    VTB

    OTP Bank

    Russian Standard Bank

    Alfa-Bank

    Gazprombank

    Raiffeisen Bank

    Societe Generale Group

    Bank Uralsib

    UniCredit Bank

    Bank Vozrozhdenie

    Citibank

    Mir

    Golden Crown

    Visa

    Mastercard

    American Express

Table of Contents

Table of Contents

Payment Instruments

Card based Payments

Merchant Acquiring

Ecommerce Payments

Buy Now Pay Later

Mobile Proximity Payments

P2P Payments

Bill Payments

Alternative Payments

Job Analysis

Payment Innovations

Payment Infrastructure & Regulation

Appendix

Frequently Asked Questions

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