Although the Russian payments market is characterised by little contactless infrastructure and simple mobile devices without NFC technology, the percentage of people paying for goods and services using mobile devices is growing fast, writes Yandex Money’s business development director Maria Gracheva.
“91% of online purchases in Russia are still made via desktops, the remainder via mobile phones,” she says. “If we had an audience where everyone had the latest model of smartphone, we believe contactless payments would be very popular in Russia.”
This article starts by examining the traditional payments landscape in Russia before exploring the different payment methods available today, including the adoption of NFC mobile payments and QR codes. Gracheva then looks at the growing role of messenger platforms as a way to make the payments market in Russia more customer-focused.
She also gives an insight into the trends she believes will most impact the future of the country’s payments industry, before predicting how payments are set to become more automatic and invisible in the years to come.
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This item is part of the What's New in Payments Knowledge Centre.