SHS Web of Conf.
Volume 94, 2021Sustainable Development of Regions 2020 – XVI International Scientific and Practical Conference “State. Politics. Society”
|Number of page(s)||7|
|Published online||12 January 2021|
Digital adaptation of the Russian payment services market to pandemic shocks
1 Volgograd State Technical University, 400005, Lenina Avenue, 28, Volgograd, Russia
2 Volgograd State Agrarian University, 400002, University Avenue, 26, Volgograd, Russia
* Corresponding author: firstname.lastname@example.org
The purpose of the article is to identify and substantiate the features of adaptation of the Russian payment services market to pandemic shocks, taking into account digitalization trends. The following regularities were revealed: increasing rates of digitalization; structural transformations of the market; blurring the lines between banking products and fintech services amid heightened competition; the emergence of payment services for retailers; growing demand for e-commerce, online transactions and contactless payment for services; increasing financial inclusion of traditional and innovative retail financial services; formation of an ecosystem approach, etc. It is concluded that the ongoing changes have a positive impact on the transformation of the market supply of payment services. In the context of the COVID-19 pandemic, payment intermediaries are using tactics of digital settlement services and reducing dependence on loan products; promoting an initial positive customer experience in remote channels, mobile applications; focusing on sustainable development of the client base.
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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