Russia Move from Conventional to Electronic Payment System: Ken Research REQUEST FOR SAMPLE REPORT Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Ken Research announced latest publication titled “The Cards and Payments Industry in Russia: Emerging Trends and Opportunities to 2020” which 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 check payments, payment cards, cash transactions, direct debits and credit transfers during the review period (2011-2015). Although Russia is a very lucrative destination for investment because of its highly developed industries, yet its payment industry is not that advanced. Indeed, its domestic payment market more closely resembles that of a developing economy than a developed economy such as those of Western Europe and the United States. Russia’s payment market also differs from the other those of the other fast-developing nations referred to collectively as the BRIC (Brazil, Russia, India, and China). Even though Russia has the required infrastructure in place for a prosperous payments system, Russian payment market is extremely incomprehensible since consumers in Russia appear to be extremely suspiciousof modern payment technologies and hence, preferconventional methods of payment which in turn hampers the growth of electronic payment system in the country. However, in the recent years, there has been a considerable expansion of the domestic payments industry in Russia, which can be associated to strong growth in payment card issuing and spending, banking, and e-commerce activities. Nonetheless, Russia remains one of the smallest payment markets respective to the size of the economy and has tremendous potential waiting to be tapped. From the above data, the Russian payment market may appear to be stout in the first place, especially with the number of debit cards exceeding the total population of the country. However, under closer scrutiny the wider payment market is mystifying. Despite a large number of issued debit cards, formal bank account penetration is under 50%. Furthermore the overall number of ATMs is minute as compared with the size of the population implying that the card holder cannot exceed the permissible credit limit. In the year ending 2011, there were approximately 200 million cards in Russiawhich makes it more than 1 card per Russian. Of these 200million cards, Debit cards were the leaders followed by prepaid cards and then the Credit cards. Only 15 million credit cards are in circulation in Russia, which is less than 2% of the total number of credit cards in the U.S. Russia’s prepaid market is even smaller, although it has grown significantly in recent years from a very small base. In Russia a major fraction of the transactions are still processed through traditional payment methods. In 2011, the leading payment instrument used in reported transactions remained cash- 31% of total settlement, but this is now declining. Paper-based payment methods are rapidly being replaced by electronic methods in Russia which now represent more than 84% by volume and 92% by value of all domestic payments.The retail credit card market in Russia is developing at a rapid pace and banks in Russia are issuing an increasing number of credit cards. The infrastructure of the payment card industry is fairly developed and has advanced further since 2002. The use of both debit and credit cards for corporate purposes is increasing rapidly as corporates are now aware of their advantages over cash. Key Macroeconomic Trends Driving Growth of Card Industry in Russia An increasing number of foreign banks are entering the Russian market but they face the challenge of competing with other already established foreign banks as well as domestic banks. One of the major hurdles for foreign banks is language because all information relating to settlements has to be in Russian or in Russian with a translation. Any rouble payment between two non-residents, or a resident and a non-resident, also needs a special currency control code that describes the purpose of the transaction in relation to the details of payment provided. Liquidity management in the current settlement system remains the greatest challenge with high-value funds coming in late at night with no way to make use of them. The development of the RTGS system and the development of formats in line with SWIFT standards is expected eliminate some of these problems and significantly improve the efficiency of the Russian payments system.In addition, banks have their role to play by looking at how they can best meet their clients’ needs by combining the most advanced cash management techniques and structures, such as payment factories and file transfer functionality, with local knowledge and experience of the Russian market. To know more on coverage, click on the link https://www.kenresearch.com/banking-financial-services-and-insurance/banking/cards-payments-industry-russia-emerging/25249-93.html Related Reports Contactless Payment Cards: The Future of Contactless Online Consumer Payments: The Future of Online Payments. Contact: Ken Research Ankur Gupta, Head Marketing & Communications query@kenresearch.com +91-124-4230204 Tags: Electronic Payment Industry In Russia, Global Electronic Payment Industry Research Report, Plastic Money Market Russia, Russia Alternative Payment Methods, Russia Bill Payment Market Research, Russia Debit Card Industry, Russia Electronic Payment Market Growth, Russia Mobile Payment Market, Russia Money Remittance Industry Size, Russian Card Industry Emerging Trends