Digital payments in Russia - statistics & facts
The digitalization of the Russian economy has seen significant progress over the past years, ranking the country in leading positions worldwide. The finance industry exhibited the most noticeable digital transformation, with the revenue of financial technologies (FinTech) exceeding 316 million U.S. dollars in 2021. Furthermore, a speedy development of e-commerce in the country contributed to a gradual increase of cashless trade in household expenditure. Due to the Russian invasion of Ukraine in 2022, key Western providers of financial services, including Mastercard, Visa, Apple Pay, Samsung Pay, and PayPal, suspended their operations in Russia. Therefore, the digital payments market was expected to decrease in 2022, while the segment of mobile point-of-sale (POS) payments was projected to shrink by 27 percent relative to the previous year.
