A Bank Card authorizes the holder to have smooth financial transactions. This often functions as a debit card which is made of plastic, having a magnetically coded strip with customer account information, such as name, account no. etc., embedded in it. This magnetically coded strip can easily be read, written, deleted or changed .
The Russian Bank Card market had witnessed a decline in the past few years, due to the global economic crisis. This is in contraction to the scenario of the global Bank Card market, which is experiencing a steady double digit growth since early 2010 . This growth is majorly driven by the rise in middle class household income, changes in the consumer spending pattern and consumers growing preference towards the use of bank card over cash. Besides, the use of bank card also provide benefits such as reward points and discounts offered by the Banks. This has created a huge demand for payment cards, which is providing positive growth opportunities for card issuers, suppliers and manufacturers.
The Russian Bank Card market has emerged at the intersection of two growing markets , the debit card market and the consumer credit card market. Debit card gives the consumer access over his own money without going to bank, whereas Credit Card helps consumer to get credit from the bank as per their requirement and provides a more secure way of having transactions.
Despite the positive growth rates, the Russian Bank Card market is facing some challenges such as security, infrastructure availability, etc.
This report by Technavio Insights highlights the scope of the Russian Bank Card market, along with trends, drivers, growth inhibitors and a few major vendors in the market.