Russia Cards And Payments Market Set For Rapid Growth, Trends and Forecast to 2023

“Russia Cards And Payments Market”
New Research Report On Russia Cards And Payments Market Size, Share, Key Player, Demand, Growth, Opportunities and Analysis Forecast

The Russian Cards and Payments channel recorded impressive growth during the review period. This growth not only resulted in an increase in the volume of cards issued but also improvements in their overall process and functions. Consequently, cards issued by Russian banks are now accepted worldwide and are available in multiple currencies. In terms of total cards volume, the channel grew at a CAGR of 20% and is expected to grow at a CAGR of 7.00% over the forecast period. In value terms, the card payments channel increased at a CAGR of 25 %. The value is expected to grow at a CAGR of 13% over the forecast period. Dominating the card payments channel in terms of volume are debit cards, with an 88% share in 2017, followed by credit cards constituting around 20%. Debit and credit cards have huge sales potential in the retail, travel, entertainment and hospitality industries. In Russia, debit cards are used by employers to pay employees. Prepaid cards are widely used by the Russian government to distribute welfare payments throughout the country.

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Heightened consumer awareness of the benefits of payment cards, increased annual disposable income, the expanding range of products involving the use of payment cards as well as the development of an infrastructure for servicing them in trade outlets, contributed to the growth of the channel during the review period. Growth was also achieved with increased spending in the retail industry, and government efforts to promote the use of payment cards.

The overall volume of outbound travelers has also grown significantly during the review period at a CAGR of 7%. A further increase is anticipated over the forecast period driven by the demand for travel cards that are accepted in numerous destinations and give offers to tourists and travelers. MasterCard, among other issuers, has recognized the opportunity that prolific travelers present and launched its Prepaid Travel Card across the world, including Russia. ZAO Citibank also offers the Citibank World MasterCard, while banks such as Sberbank of Russia, Alfa-Bank and VTB 24 (JSC) have collaborated with leading Russian airlines to offer cardholders discounts or reward points. The travel card industry is expected to grow in value terms over the forecast period, due to an influx of business-class commuters.

The Russian card payments channel is growing rapidly and becoming more competitive every year, with banks and card-issuing companies now forced to offer more attractive products to retain their market positions. Significantly, the emergence of highly secure payment gateways increased public confidence in payment cards and had a positive impact on overall market development. The expansion of the Russian online retail and online travel industry also supported the country’s card payments channel.

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List of Companies mentioned in Russia Cards and Payments Market report are:

  • Sberbank
  • VTB24
  • OTP Bank
  • Russian Standard Bank
  • Alfa-Bank
  • Tinkoff Bank

Table of Content:

  1. Definitions
  2. Research Methodology
    1. Research Process
      1. Market Sizing
      2. Competitor Analysis
      3. Market Forecasting
      4. Quality Control Process
  3. Executive Summary
  4. Industry Benchmarking
  5. Market Attractiveness
  6. Industry Enablers
    1. Emerging Payment Technologies
    2. Growing E-commerce Market
      1. E-commerce Mix by Payment Method
    3. EMV Migration
    4. Contactless Cards
  7. Regulatory Framework
  8. Key Industry Events
  9. Merchant Acquiring Business Overview
    1. Business Overview & Key Operators
    2. Regulatory Framework
    3. Technological Changes
  10. Market Segmentation
    1. Cards for Students
    2. Cards for Travelers
    3. Cards for High-income Customers
    4. Cards for Frequent Shoppers
  11. Market Sizing
    1. Debit Cards Market Overview
      1. Scheme Providers
      2. Key Issuers
    2. Pay Later Cards Market Overview
      1. Scheme Providers
      2. Key Issuers
    3. Payment Terminals Market
    4. Payment Instruments Market


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