The Bank of Russia has announced the approval of its National Payment System Development Guidelines for the period until 2027. The guidelines aim to address consumer needs for a payment system that is fast, convenient, secure, and accessible. These initiatives are crafted with input from market participants.
The guidelines focus on advancing payment infrastructure, enhancing regulation, promoting product competition in the payment services market, and fostering innovation. Key areas include the digital ruble, universal QR codes, biometric payments, Open APIs, and international payment infrastructure development.
The document outlines measures and indicators to evaluate progress towards these goals. One example is the expectation that non-card cashless payment instruments will account for about 15% of all transactions by late 2027. Currently, this figure stands at less than 10%. Overall, the guidelines feature five measures and three observed indicators.
Alla Bakina, Director of the Bank of Russia National Payment System Department stated: “Just 5–7 years ago, card payments accounted for around 95% of all cashless payments. Now, consumers are shifting their preferences towards other instruments. Our task is to provide consumers with a range of options.”
Previous strategic targets have been met or exceeded according to the bank’s reports. For instance, cashless payments in retail turnover reached 83.4% by late 2023 against a target of 78–80%, increasing to 85.3% by the end of Q3 in 2024. The Bank anticipates continued growth without specifying future targets.
