Russia Payments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Russia Payments Industry Overview

The Russian payments market is moderately competitive as vital players in the region are developing new solutions in the e-commerce market for various end-user applications. Companies are also investing and partnering to grow their businesses in the region and make e-commerce platforms available to the country's people.

• June 2020 - Ingenico announced that it dominates Russia's e-commerce and achieved USD 1 billion in transactions in the first 18 months. By working with major acquiring banks such as Sberbank and Alfa Bank, Ingenico has significantly increased customer approval rates by up to 20%. High approval rates are essential for online businesses as they lead to increased online sales, reduced cart abandonment, and customer repeaters.
• May 2022 - Tinkoff Bank has launched an instant payment service called Tinkoff Pay as Western players continue to withdraw from the Russian market after the invasion of Ukraine. According to Russian banks, Tinkoff Pay allows customers to pay for goods and services online in online and offline stores without entering card details. Initially, the service will be available in over 30,000 online stores using Tinkoff Kassa via smartphones or computers.