Russia Statistical Report 2024

INTRODUCTION

Russia is a semi-presidential republic with an asymmetric federation, spanning 11 time zones across eastern Europe and northern Asia. With over 146 million consumers and a fast-growing e-commerce and FinTech market, Russia is one of the most innovative payment markets in the world, with proactive efforts by banks and government entities to develop biometrics, blockchain services and digital ID services.

One of the striking characteristics is the rapid growth of domestic payment schemes like MIR, which have been developed to challenge the dominance of VISA and Mastercard. In 2022, more than 182 million MIR cards were issued, a 60% increase from 2021 driven by the development of the cashback service and the surge in demand for MIR cards following the sanctions against Russia.

A well-developed internet and telecom infrastructure has given Russian consumers easy access to an array of domestic mobile payment services and also Apple Pay and Samsung Pay. 

Russia launched its Faster Payments System in 2019, and uptake is rising rapidly due to the proliferation of online bank and mobile-enabled account-to-account funds transfers. In 2022, the number and value of transactions via the Faster Payments System increased 3.5x and 2.9x, respectively, as compared to 2021, to over 3 billion transactions worth RUR 14.4 trillion.

In contrast to western European banks, Russian banks are making progress in forming their own digital payment ecosystems comprising merchants and services in a wide array of sectors such as entertainment, travel, and shopping.

In the last decade, Russian consumers have embraced mobile devices such as tablets, smartphones, and the Internet of Things (IoT). This change significantly impacts their shopping experience. Consumers have become increasingly connected and they have started to purchase anywhere, at any time, from any device. 

In addition, new consumer demands are a game changer. Russian consumers like digital banking apps with access to all their accounts at different banks in one single app, with the option to make payments directly from their bank account of choice. Additionally, they appreciate more banking services and payment services added to their mobile banking app. Consumer adoption of digital payments in Russia is driven by minimal cost, secure payments, and a high level of user convenience. 

STATISTICAL KEY FIGURES FOR 2023/24 PROVIDED IN THIS PROFILE:

NEW IN 2024:

• THE FULL IMPACT OF COVID-19 ON DIGITAL PAYMENTS, CARD PAYMENTS, E-COMMERCE AND M-COMMERCE BY MARKET.
  
• REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
  
• OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
  
• CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
  
• CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
  
• FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
  
• FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.
  
• READER-FRIENDLY DESIGN WITH ENHANCED DATA VISUALISATION.
  
• INDUSTRY DEVELOPMENTS AND BANK DEPLOYMENTS OF EID, BIOMETRICS AND AI.
  
• THE INTEGRATION OF DIGITAL CHALLENGERS AND NEOBANKS INTO THE BANKING INFRASTRUCTURE.

UPDATES FOR 2023-24:

• UPDATED – BANK M&A, RESTRUCTURING AND MARKET POSITIONING.
• CUSTOMER NUMBER KPIS AND ADOPTION OF DIGITAL CHANNEL KPIS.
  
• REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
  
• OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
  
• CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
  
• CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
  
• FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
  
• FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.

PRODUCT INFORMATION

Digital product provided in PDF format. You will receive a download link to a zip file containing your files after checkout. 

VERSION

Version 1.1 - last updated 09/05/2024