Innovations in the Retail Payment Market of Russia

The purpose of the research is to identify the main innovative trends in the development of the Russian retail payment market. The novelty of the study: (1) the justification of modern trends in the Russian retail payment market, which determine innovative transformation; (2) classification of forms of transformation of the Russian retail payment market. Design/methodology/approach: The study applied theoretical, empirical, general logical methods of scientific knowledge, which allowed to identify and justify the directions of innovative development of the payment market according to the following criteria: forms of identification of the account holder; account access forms; forms of initiation of the operation; technology operations. Results: The authors highlighted the features of the Russian payment market: close relationship with the financial technology market; increasing investments in such FinTech startups as lending sites, remote digital channel services and omnichannel interaction, payment systems, instant (quick) payment systems, personal finance management and biometric identification; Bank of Russia regulation of both the traditional payment market and the FinTech market; the incompleteness of the processes of quantitative and qualitative transformation of the market, which appears in a reduction in the number of banks with an increase in the number of accounts in credit organizations and the number of money transfers in accounts. The main subjects of the Russian retail payment market are: money transfer operators (these include payment aggregators and credit organizations); electronic money operators (these include banking and non-bank credit organizations). The subjective transformation of the retail payment market is manifested in the fact that traditional credit organizations are supplanted by innovative entities, which contributes to increased competition in traditional segments and increased market efficiency. Conclusions: The highlighted features are involved in the generation, acceleration and transmission to users of innovative forms of payment transactions: forms of identification of the account holder (biometrics); forms of access to the account (tangible and intangible information carriers); forms of transaction initiation (QR codes, contactless payments); transaction technology (Real-time payments).