“The Russia Payment Services Market was observed at a juncture where disrupting innovations are impacting the traditional value chains of the industry.”

Converging Stage of Progression towards Becoming Cashless: The consumer adaptability in terms of cardholding population and per capita annual volume of non-cash transactions in Russia were observed at a growth stage while the payment infrastructure in terms of Per Capita Number of ATMs and Per Capita Number of POS Terminals is yet to reach its full potential; thereby leaving enough space for the market players to exploit the opportunity.

Cannibalization of different Payment Services: The innovation in the industry has been oriented towards removing the pain-points of making non-cash transaction. Starting with using payment cards, the demand for payment cards was cannibalized by e-money which eased the pain of using cards and entering verification details to make payment, the usage of e-money is being itself replaced by contactless payments which do not require the users to firstly add their money and then make payments. The contactless technology has been on the rise owing to the speedy, seamless and hassle free processing of transactions while ensuring safety and security of their transactions. Introduction of conversational commerce and in-car payments could soon be expected in the Russian market.

Development of NFC Technology: In Russia, apart from traditional plastic cards, it is possible to pay with wearable’s (rings, bracelets, watches) and smart devices (smart phones, tablets), through online aggregators and gateways. In future, it is expected that innovative technologies will simplify payments even further (in both online and offline channels) making them seamless and fast. E-Money instruments facilitate better and easy transfer of money and are also a desirable mode of payment by migrants

Analysts at Ken Research in their latest publication “(Russia Payment Services Market Outlook to 2025- Breaking New Grounds through Alternative Payment Systems such as Contactless Payments albeit challenging profitability of Incumbent firms)” believe that there would be a continuous pressure on the margins and profitability of the incumbent firms as more Big Tech Companies are expected to enter the industry space. In order to capitalize on the growth in number of non-cash payments by around 21.3% during 2018-2025, the firms should explore potential strategic partnerships with Big Tech companies to offer higher value proposition to the customers while maintaining their business sustainability. The introduction of white label schemes and changing role of intermediaries is expected to play a vital role for the payment services industry of Russia in the next few years.

Key Segments Covered

Russia Payment Services Market

By Cash and Non-Cash Payments

Russia Terminals Market (Banking ATMs)

By Transaction Type (Financial and Non-Financial)

By Geographical Location (Federal Districts wise)

Russia Terminals Market (POS Terminals)

By End-User (Retail, Delivery, Restaurant, Healthcare and Others)

By Type of Devices (Fixed and Mobile)

By Geographical Location (Federal Districts wise)

Russia Payment Cards Market

By Type of Cards (Debit and Credit Cards)

By Type of Cardholder (Individual and Legal Entities)

By Type of Transactions (Cash Withdrawals, Payment Transactions and Others)

Russia Payment Aggregators Market

By Type of Merchant Services (Payment Aggregator, Payment Gateways and Particular Instruments)

Time Period Captured in the Report:

Historical Period – 2013-2018

Forecast Period – 2018-2025

Companies Covered:

ATM Terminals Market

NCR Corporation

Diebold Nixdorf

Nautilus Hyosung



Lanit ATM,



POS Terminals Market




E-Money Operators





Payment Aggregators Market






Payment Cards Market





Alfa Bank

VTB 24


Rosan Finance


Key Topics Covered in the Report

Demographic Analysis of Russia

Consumer Profile in Russia

Economic Analysis of Russia

Shadow Economy of Russia

Consumer Adaptability of Non-Cash Payments Russia

Payment Infrastructure of Non-Cash Payments Russia

Ken Research Framework of Payments Landscape

Cross Comparison of Russia with other developed, developing and emerging economies

Russia ATM Terminals Market Overview, Market Size and Introduction

Competitive Landscape of ATM Manufacturers and ATM Management Companies

Future Outlook on ATM Terminals industry by Number of ATM Terminals and Number of Transactions

Russia POS Terminals Market Overview, Genesis and Size

Competitive Landscape of POS Terminal Manufacturers including Market share and Company Profiles

Future Outlook of POS Terminals; By Installed base, Number of Transactions and By Type of Devices

Russia Payment Cards Market Overview, Genesis and Market Size

Card Holder Profile in Russia

Competitive Landscape of Issuers and Payment System Operators in Payment Cards Market

Snapshot on Card Manufacturing Companies

Future Outlook of Payment Cards Industry; By Number of Users, By Number of Cards in Circulation, By Type of Cards and By Type of Transactions

Russia E-Money Market Introduction, Overview and Genesis

Company Profile of Yandex.Money, QIWI, WebMoney and PayPal

Russia Payment Aggregator Market Introduction, Overview and Market Size

Competitive Landscape of Major Players

Company Profile of Yandex.Checkout, Robokassa, UnitPay, Payeer and PayAnyWay

Future Outlook of Russia Payment Aggregator Market

Analyst Recommendations for Russia Payment Services Market

Suggested Strategies to ensure Business Sustainability

For more information, refer to below link:

Russia Payment Services Market

Related Reports:

India Payment Services Market

Russia Remittance and Bill Payments Market

Indonesia Domestic and International Remittance Market

Contact Us:

Ken Research

Ankur Gupta, Head Marketing & Communications