Russia's payment services convenience, digitalisation assessed
The Bank of Russia has for the first time assessed the level of satisfaction with payment services and calculated a digitalisation index. The new indicators will complement existing tools for monitoring the national payment market.
Users find payments convenient, but not always
Households generally express high satisfaction with modern payment services, particularly fast and seamless money transfers requiring minimal effort.
However, payments for utility, educational, and public services are considered less convenient, often necessitating full card details and transaction confirmations with a code.
Businesses, in contrast, show only moderate satisfaction, with settlement and cash management services rated relatively low.
Key concerns include a lack of clarity regarding tariff policies and the criteria banks use to block or restrict money transfers.
Additionally, enterprises face difficulties when conducting settlements with foreign counterparties, highlighting a need for improved cross-border payment solutions and transparency.
Measuring market maturity
The newly introduced digitalisation index serves as a comprehensive measure of the payment market's maturity, incorporating 15 distinct components.
These factors include the penetration of new technologies, the demand for such innovations among businesses, the overall range and accessibility of payment services, and the crucial aspects of security and smooth infrastructure operation.
The index relies on data from market participants and the results of business surveys.
The 2025 index value is established as a critical baseline, against which the annual dynamics and progress of the payment market will be consistently assessed.
Transparency overdue
This comprehensive assessment is a crucial step towards understanding the evolving payment landscape in Russia.
While the findings highlight clear friction points for both households and businesses, the establishment of a baseline index provides a solid foundation for targeted improvements.
The Bank of Russia's commitment to discussing results with market participants signals a pragmatic approach to enhancing service quality and transparency.