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Learn moreNov 2020
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Overall consumer expenditure in Russia has been negatively impacted by the widespread decline in demand for services, tourism and foodservice throughout the country and consequent impact on GDP. Consumer payments were already shifting away from cash before the COVID-19 outbreak, in line with ongoing modernisation and government programmes such as the MIR national social payment system.
Restrictions to prevent the spread of COVID-19 were introduced gradually in Russia. The entry of Chinese citizens was banned from 20 February, with this being extended to Iranians from 28 February and South Koreans from 1 March.
Financial cards and payments continue to gain sales share in Russia, with this trend being accelerated by the COVID-19 pandemic. The government’s policy of supporting a favourable environment for financial cards is driving transactions, with the habit of making transactions via financial cards already being well-established in the country.
The shift towards financial cards, especially debit cards, is being facilitated by the launch and use of contactless technology and biometrics. Contactless and biometrics trends are likely to develop further over the forecast period as more of these payment facilities are developed across Russia.
Russia is following the global trend of building a cashless society through the heavy promotion and use of debit card transactions. This movement is driven by the introduction and development of the local MIR payment system, which is spreading across the social and welfare sphere.
As the economy recovers from the impact of COVID-19 and life gradually returns to normal, financial cards in Russia is expected to post continued and stable growth over the forecast period at the expense of cash payments in terms of number of cards, transactions and total value. A favourable environment for financial cards will encourage continued growth.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Russia with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Financial Cards and Payments industry in Russia, our research will save you time and money while empowering you to make informed, profitable decisions.
The Financial Cards and Payments in Russia market research report includes:
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Why buy this report?
Euromonitor’s industry reports, including Financial Cards and Payments in Russia, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.