Source: Central Bank of the Russian Federation in English
The Bank of Russia has summarised the results of its monitoring effort in the National Payment System (NPS), which was underway for two years from July 2016 through June 2018. Bank of Russia Bulletin No. 92, dated 19 December 2018, presents key trends and changes in the NPS.
This space of time marks an important milestone in the evolution of the Russian payment market. Key highlights include advances in Mir Payment System, a rise in Mir card issue and transactions, an expansion in the payment infrastructure along with the emergence of new players, and the launch of innovative high-technology services and products.
The unfolding changes drove improved availability of payment services and growth in cashless payments. In this way, 2017 saw the proportion of cashless card and electronic money transactions to buy products and services in total retail sales and commercial services reached almost 40% from 32% one year earlier. 21% of cards issued in Russia in 2017 support contactless payment, which is now used in 10 out of 100 retail transactions.
The advances in payment services came with changes at the payment infrastructure level. Russian systemically/socially important payment system operators, generating the most part of transfers within domestic payment systems (in 2017, systemically important payment systems accounted for 98% of transfer amounts, while over 82% transfer transactions were made by socially important systems) put a lot of effort into implementing international standards, aiming to improve their robustness and operational performance.
In keeping with legislation, the Bank of Russia publishes an NPS monitoring review every two years, in an effort to improve its operational transparency. This is the third such review.
19 December 2018