The Future for Electronic Payments in Russia: Trends, Problems, and Prospects

Wednesday, 07 December 2011 10:51

Report overview

Russia has one of the fastest growing electronic payments markets in the world, with the number of subscribers exploding over the last three years.

The number of people connected to the Internet is doubling about every 18 months, reaching about 50 million people by the end of 2011. Within the last year, online payment turnover in Russia increased 75 percent year-on-year. There are certainly techology, regulatory and security issues that are currently impeding market growth, but there is a strong impetus for change - change that could unlock a potentially huge market for players positioned with the right strategy. The entry of PayPal into the Russian market in August 2011 indicates their confidence in the profit potential of the market. Others are likely to follow, challenging imcumbents Yandex, Dengi and WebMoney, which currently control 90% of the market.

This new report provides a data-based in-depth analysis of the issues, strategies and forecasts for the market.

Summary contents

1. Overview of the Russian electronic payments market and its main payment services providers (PSPs).
2. The effect of the financial crisis on the Russian payment market.
3. Analysis of the business models of the key market players.
4.  Review of banks' activity in the Russian payment market.
5. Competition and convergence issues between bank and non-bank PSPs.
6. Self-service payment terminals: the reasons behind the success story.
7. Mobile payments.
8. PSPs and social networks.
9. Social aspects and public perception of payment services.
10. IT security and fraud prevention issues.
11. The ‘electronic state’ and electronic payments.
12. Market forecasts.

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This report was published in June 2012. To order at £700/€871/$1,092, click the link below.

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About Artem Genkin
Artem is a professor of economic theory at Moscow Academy of State & Municipal Government. His interests include: the theory and practice of innovation, the evolution of payment systems, Austrian economics and corporate governance and globalisation. He is the Co-owner and CEO at the consulting group "ASPECT" (

Widely published in his native Russia, this is Artem's first English language project. A full list of Artem's publications is available at