Contactless Payment Technology Gains Traction in Russian Cards & Payments Market, Says Timetric in Its Latest Report Published at MarketPublishers.com
08 Jun 2016 • by Natalie Aster
LONDON – Sanctions imposed against Russia by the USA government after the invasion of Crimea in 2014 underpinned the introduction of the National Payment Card System (NPCS) launched in early April 2014. Furthermore, in December 2015 the Mir national payment card was launched. Russia’s government is considering the possibility to issue and promote Mir cards on a large scale during this year; 35 country’s banks expressed an interest in issuing Mir cards, with 7 already issuing them during the pilot period.
The uptake of various alternative payments amid consumers in Russia is gaining momentum at a fast pace owing to the availability of manifold payments options like Yandex.Money, PayPal, WebMoney and Moneta. Banks and payment service providers make their best to offer customers a great choice of payment options, whether at home, in-store or mobile. In 2015, Visa and Qiwi, a Russian payment service provider, together launched the Visa Qiwi Wallet, which apart from making payments can be also used to transfer and receive money worldwide.
Nowadays, the contactless payment technology is on the rise in Russia and is likely to keep on gaining prominence among the local consumers. The increasing popularity of contactless technology is driven by favourable initiatives taken by banks and payments providers in the country and the launch of new services by banks and other payment service providers.
New comprehensive research report “The Cards and Payments Industry in Russia: Emerging Trends and Opportunities to 2020” developed by Timetric provides a detailed comprehensive analysis of the Russian cards and payments industry performance. The study includes reliable statistics on the current scenario, historical evolution and future possible development of the Russian cards and payments industry. Information on the latest strategies utilised by various banks and other institutions, demographic and economic trends, infrastructural and business drivers having influence on the industry is provided in the repot along with a detailed analysis of the competitive landscape.
For other research reports prepared by this publisher follow to the Timetric page.