Emerging Opportunities in the Russia Cards and Payments Market: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape

Published: November 2012
No. of Pages: 111
    ReportsandReports

Synopsis

The report provides market analysis, information and insights into Russia's cards and payments market, including:

  • Current and forecast values for each segment of the Russian cards and payment market including debit cards, credit cards, prepaid cards and charge 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 payment market.
  • Detailed analysis of the marketing strategies adopted for selling prepaid cards used by various bankers and other institutions in the market.
  • Comprehensive analysis of consumer attitudes and their buying preferences for cards.
  • Competitive landscape of Russia's cards and payments market.

Executive summary

The Russian cards and payments market demonstrated significant growth during the review period (2007–2011). The market in volume terms grew at a compound annual growth rate (CAGR) of 17.9% to reach 200.2 million cards in 2011. 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 5.4% over the forecast period (2012–2016), to reach 266.5 million in 2016. In 2010, the Bank of Russia 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 Bank of Russia is to develop and improve its payment system to minimize associated risks whilst ensuring its efficient and smooth operation. As 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 citizens in Russia.

Scope

This report provides a comprehensive analysis of Russia's cards and payments market.

  • It provides current values for Russia's cards and payments market for 2011 and forecast figures for 2016.
  • It details the different macroeconomic, infrastructural, consumer 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 bankers and other institutions.
  • It profiles the major banks in Russia's cards and payments market.

Key highlights

  • The Russian cards and payments market demonstrated significant growth during the review period (2007–2011). The market in volume terms grew at a compound annual growth rate (CAGR) of 17.9% to reach 200.2 million cards in 2011.
  • 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 citizens in Russia. The UEC is intended to eventually replace all local, regional, and national forms of ID, and will serve as a combination electronic ID, driver's license, car insurance certificate, bank card and migration document, among other possible functions.
  • Russian banks have expanded their infrastructure networks of Automatic Teller Machines (ATMs) during the review period in order to develop business throughout the country.
  • With competitive pressures in the Russian cards and payments market, banks and issuers are investing heavily in marketing and pricing strategies with the aim of attracting larger customer bases. Some incentives offered by banks include: discounts in retail outlets and restaurants, rewards points, increasing daily limits for cash withdrawals and insurance coverage.

Reasons to buy

  • Make strategic business decisions using historic and forecast market data related to Russia's cards and payments market and each market within it.
  • Understand the key market trends and growth opportunities within Russia's cards and payments market.
  • Assess the competitive dynamics in Russia's cards and payments market.
  • Gain insights into the marketing strategies used for selling various types of cards in Russia.
  • Gain insights into key regulations governing Russia's cards and payment market.

Published By: Timetric
Product Code: Timetric401


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