Russia's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape report published by Market Research Store
Deerfield Beach, FL -- (SBWIRE) -- 07/20/2015 -- Synopsis
The report provides top-level market analysis, information and insights into Russia's cards and payments industry, including:
Current and forecast values for each category of the Russia's cards and payments industry including debit cards, credit cards and prepaid cards.
Comprehensive analysis of the industry's market attractiveness and future growth areas.
Analysis of various market drivers and regulations governing Russia's cards and payments industry.
Detailed analysis of the marketing strategies adopted for selling debit, credit and prepaid cards used by various bankers and other institutions in the market.
Comprehensive analysis of consumer attitudes and buying preferences for cards.
The competitive landscape of Russia's cards and payments industry.
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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. The market size in terms of volume is expected to grow at a CAGR of 7.00% over the forecast period (2013–2017), to reach 377.6 million in 2017.
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.
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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.
This report provides a comprehensive analysis of Russia's cards and payments industry.
It provides current values for Russia's cards and payments industry for 2012, and forecast figures for 2017.
It details the different economic, infrastructural and business drivers affecting Russia's cards and payments industry.
It outlines the current regulatory framework in the industry.
It details the marketing strategies used by various banks and other institutions.
It profiles the major banks in Russia's cards and payments industry.