Bank of Russia introduces new indicators for payment market oversight
The Bank of Russia (CBR) will introduce two new indicators to monitor the payment services market, starting with results from 2025. These annual metrics aim to assess market dynamics, the impact of innovations, and inform regulatory adjustments.
Measuring market health and user experience
The Bank of Russia will, for the first time, calculate the level of consumer satisfaction with payment services and the digitalisation index of the national payment system based on 2025 results.
Both indicators will be calculated annually to assess the current situation, understand the impact of innovations, inform market participants about user opinions, address shortcomings, and adjust regulation as needed.
The digitalisation index comprises five subindices and 15 diverse indicators covering competitive environment, security, import substitution, accessibility, speed of payments, service range, alternative methods, transaction activity, and startup development conditions.
Data from credit institution reports and survey results will be used for its calculation, with the 2025 index serving as a baseline for future dynamics.
From data to regulatory action
Consumer satisfaction will be determined through surveys of individuals and businesses.
These surveys will gauge the ease and convenience of making settlements with partners and everyday payments, such as at cafés, marketplaces, or for housing, utility, and educational services.
Based on these assessments, the CBR will provide recommendations to payment market participants and adjust regulation if necessary.
The introduction of these indicators underscores the regulator's commitment to fostering a robust and responsive payment ecosystem, ensuring that both technological advancements and user needs are systematically evaluated.
Data-driven oversight takes center stage
This initiative marks a significant step towards data-driven oversight in the Russian payment system.
Its effectiveness will hinge on the transparency of data collection and the CBR's willingness to act decisively on findings.
For market participants, this signals an increased focus on user experience and digital readiness.