Russia’s payment market is among the most technology-intensive globally. Its development has been driven by the needs of people and companies, as well as the level of digitalization in the domestic economy. The main objectives of advancing payment services in all countries are to make payment processing simple, convenient, and fast. The technologies addressing these objectives are the focus of the Bank of Russia’s analytical paper "Payment Digitalisation and Innovations in the Payment Market."
Digital devices and services are widely used by Russians: 85% receive services online and spend at least five hours a day on average on the internet. Moreover, the number of payments they make online has been consistently growing. This trend is encouraging companies to create payment innovations and regulators to support their implementation.
The paper covers the Bank of Russia’s proposals regarding the development prospects of the national payment system and raises several questions for readers. Feedback and responses can be sent through July 4 at SVC_DNPS_ORNPS@cbr.ru. The Bank of Russia would appreciate market participants’ and experts’ views as it continues work on developing a strategy for the national payment system for the new period.
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