Russia Cards and Payments: Opportunities and Risks to 2028

Russia Cards and Payments: Opportunities and Risks to 2028

Summary

GlobalData’s ‘Russia Cards and Payments: Opportunities and Risks to 2028' 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, 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 cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Russian cards and payments industry.

GlobalData’s ‘Russia Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the Russia cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, cash, credit transfers, and direct debits during the review-period (2020-24e).

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 (2024e-28f). 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.

Key Highlights

• Russia is making progress toward the launch of a central bank digital currency, the Digital Ruble. In July 2023, a fundamental law was passed to establish the framework for introducing the Digital Ruble. In August 2023, the central bank commenced pilot testing, which involved 13 banks, 600 users, and 30 merchants across 11 cities. The purpose of this testing was to evaluate operational readiness and user experience. The next phase, scheduled for September 2024, will expand the pilot to include 31 banks, with the participation of 9,000 individuals and 1,200 other entities. The launch of the Digital Ruble is anticipated to take place in 2024 or 2025.
• To enhance financial inclusion and cater to the significant Muslim population in Russia, the country is embarking on the initial stages of introducing Islamic banking. In August 2023, a law was introduced to test the viability of Islamic banking. Subsequently, the central bank initiated a two-year pilot project in Chechnya, Dagestan, Bashkortostan, and Tatarstan in September 2023, aiming to evaluate the feasibility and potential advantages of Islamic finance, with the possibility of expanding it nationwide. The pilot project, originally scheduled to conclude in 2025, has been extended for an additional two years.
• The central bank is implementing measures to enhance the adoption of digital payments. SBP is an interbank instant payment service that was developed by the central bank and NSPK in 2019. Operating 24 hours a day, seven days a week, 365 days a year, SBP allows users to transfer funds instantly using the recipient’s phone number. It also enables users to make payments and receive funds using QR codes, as well as facilitating bill payments. Going forward, SBP will play a key role in driving the growth of digital payments in the country.

Scope

• Card market size in terms of number of cards, value and volume of transactions in Russia along with detailed card segmentation of debit and credit cards available in the country.
• Market sizing and analysis of major payment instruments including cards, cash, credit transfers, and direct debits.
• Payment market trends and growth for both historical and forecast period.
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of country's key alternative payment brands.

Reasons to Buy

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