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New Report Available: Russia's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape

New Financial Services research report from Timetric is now available from Fast Market Research

 
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Boston, MA -- (SBWIRE) -- 02/06/2014 -- The Russian card payments channel grew substantially both in volume and value terms during the review period. In terms of total cards volume, the channel grew at a CAGR of 19.70% and is expected to grow at a CAGR of 7.00% over the forecast period. In value terms, the card payments channel increased from RUB8.8 trillion (US$354.6 billion) in 2008 to RUB21.8 trillion (US$700.8 billion) in 2012, at a CAGR of 25.39%. The value is expected to reach RUB43.9 trillion (US$1.4 trillion) in 2017, growing at a CAGR of 13.19% over the forecast period. Dominating the card payments channel in terms of volume are debit cards, with a 65.7% share in 2012, followed by prepaid and credit cards with respective shares of 25.5% and 8.7%.
In 2010, the Bank of Russia (BoR) continued its work with credit institutions and other organizations that operate payment systems and provide payment infrastructure services, with a view to developing the national system in line with international standards. The primary objective of the BoR to develop and improve its payment system is to minimize associated risks whilst ensuring its efficient and smooth operation. As a part of a new national payment system, the Ministry for Economic Development has approved a plan to launch the Universal Electronic Card (UEC) for all Russian citizens. The UEC is intended to eventually replace all local, regional, and national forms of ID, and will serve as a combined electronic ID, driver's license, car insurance certificate, and bank card and migration document, among other possible functions. The card will be used as a complete communication tool between cardholders and the government. The government and the BoR introduced the UEC in January 2013 on a voluntary basis, and the number of cards in circulation had reached 10,000 by March 2013. The Russian government has also envisaged setting up application points at post offices, banks and commercial centers, amongst other locations in the country.

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Key Highlights

- The Russian card payments channel demonstrated significant growth during the review period (2008-2012) at a compound annual growth rate (CAGR) of 19.70% to reach 257.1 million cards in 2012. Key growth drivers include increased annual disposable income, the development of online shopping, investment in the banking infrastructure and raised consumer awareness about the benefits of using payment cards.
- Russian banks expanded their networks of automatic teller machines (ATMs) during the review period to develop business throughout the country. The number of ATMs installed increased from 75,018 in 2008 to 171,909 in 2012, at a CAGR of 23.04% and the number of POS terminals in Russia grew at a review-period CAGR of 20.17%, rising from 333,247 in 2008 to 695,023 in 2012.
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Companies Mentioned in this Report: Sberbank of Russia, Alfa-Bank, VTB 24 (JSC), Vozrozhdenie Bank, ZAO Citibank, MasterCard, Visa,

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