Payment digitalisation trends: Bank of Russia’s analytical paper
Russia’s payment market is one of the most technology-intensive ones around the globe. Its development has been driven by people’s and companies’ needs and the level of digitalisation in the domestic economy in general. The main objectives of the advancement of 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% of them receive services online and spend at least five hours a day on average in the internet. Moreover, the number of payments they make online has been consistently growing. This 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 brings up a number of questions to the readers. Please send your feedback and responses through 4 July at SVC_DNPS_ORNPS@cbr.ru. The Bank of Russia would appreciate market participants’ and experts’ views as it continues the work on the development strategy for the national payment system for the new period.