Russia Cards And Payments Market Demand Forecast to 2023
Added: (Tue Nov 27 2018)
Pressbox (Press Release) -
The Russian card payments market demonstrated significant growth during the review period (2013 – 2018) at a compound annual growth rate (CAGR) of around 10%. Key growth drivers include increased annual disposable income, the development of online shopping, investment in the banking infrastructure and raised consumer awareness about the benefits of using payment cards. The market size in terms of volume is expected to grow at a CAGR of 7.00% over the forecast period (2013–2017).
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The Bank of Russia (BoR) continued its work with credit institutions and other organizations that operate payment systems and provide payment infrastructure services, with a view to developing the national system in line with international standards. The primary objective of the BoR to develop and improve its payment system is to minimize associated risks whilst ensuring its efficient and smooth operation. As a part of a new national payment system, the Ministry for Economic Development has issued Universal Electronic Card (UEC) for its citizens. The UEC is intended to eventually replace all local, regional, and national forms of ID, and will serve as a combined electronic ID, driver’s license, car insurance certificate, and bank card and migration document, among other possible functions. The card will be used as a complete communication tool between cardholders and the government.
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Russian banks expanded their networks of automatic teller machines (ATMs) during the review period to develop business throughout the country. The number of ATMs installed increased at a CAGR of 23% and the number of POS terminals in Russia grew at a CAGR of 20%. With the rising volume of POS terminals and ATMs, use of payment cards is expected to gain widespread acceptance over the forecast period.
The considerable growth of internet and smartphone users, coupled with competent online banking services, has also supported the growth of the card payments channel as e-commerce becomes more widely utilized. To enhance security and minimize online fraud throughout the payment system, most issuers in the country have implemented multiple security features in collaboration with card network providers, such as Verified by Visa and MasterCard SecureCode, and virtual debit cards.
With competitive pressures in the Russian card payments category, banks and issuers are investing heavily in marketing and pricing strategies with the aim of attracting larger customer bases. Incentives offered by banks include discounts in retail outlets and restaurants, reward points, increasing daily limits for cash withdrawals, and insurance cover. Within their marketing strategies, banks are segmenting their customer bases to maximize the potential of expanding their market shares.
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All major banks, including Sberbank of Russia, VTB 24 (JSC) and Alfa-Bank, now offer customized products designed to meet the needs of retail and corporate customers. With aggressive marketing campaigns to promote awareness and encourage credit card use in the country, Sberbank also offered discount programs, bonus points and grace periods to credit card holders to encourage them to use its card offerings. These initiatives increased the bank’s credit card category share and helped it become the market leader.
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