DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/whfc6m/emerging) has announced the addition of the "Emerging Opportunities in Russia's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape" report to their offering.
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.
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.
Key Topics Covered:
1 Executive Summary
2 Market Attractiveness and Future Prospects of Cards and Payments Industry
3 Analysis of Cards and Payments Market Drivers
4 Emerging Consumer Attitudes and Trends
5 Competitive Landscape and Industry Dynamics
6 Strategies Adopted by Key Players
7 Market Size and Growth Potential of Cards and Payments Industry
8 Company Profiles, Product, and Marketing Strategies
- Sberbank of Russia
- Alfa-Bank
- Vozrozhdenie Bank
- VTB Group
For more information visit http://www.researchandmarkets.com/research/whfc6m/emerging