Russian merchants and cashless payments: attitudes, strategies, preferences
Acquiring has recently transformed into a scalable product that is present in all types of merchants: according to the Central Bank of Russia data in 2012 a share of merchants accepting cashless payments was 30%, while in 2017 it has doubled: 62% of merchants accepted cashless payments. Among the retail chains this indicator is even larger: 87%. Merchants’ perception of cashless payments has also evolved during this period. Most of the merchants became indifferent between cash and cashless payments acceptance, while some representatives of e-commerce (37% in 2017) even preferred cashless payments to cash based ones. Merchants also mention the increasing quality and accessibility of acquiring services. Besides, digital and financial innovations continue to play important role in stimulating acceptance payments both locally and globally.
Changing landscape of cashless retail payments, especially the attitudes towards them, strategies and preferences of merchants, motivated us to create this report. In 2014 and 2017 Financial Innovation and Cashless Economy Centre of SKOLKOVO business school produced fundamental studies of Russian retail payments market. However, the increasing importance of cashless payment as a strategic instrument for merchants requires studying the acquiring side of the market and merchants relationships with cashless payments in greater details. Apart from that, this report is also one of the key elements for the efficiency assessment of the existing tariffs (including MIF) at the Russian retail payments market.
The key focus of this report is devoted to the current state and the dynamics of acquiring services in Russia from merchants’ perspective. Special attention is paid to the merchants’ attitudes, strategies and preferences towards cashless payments. This report contains deeper analytics based on the country-wide data from the studies conducted by SKOLKOVO Financial Innovation and Cashless Economy Centre in 2014 and 2017 that included the surveys of 800 merchants from different Russian regions.
This report will be useful to anyone related to or interested in the development of the acquiring business in Russia. Financial institutions, especially banks, can re-evaluate their marketing and product strategies based on the results of the analytics. Merchants, in their turn, can obtain benchmarks and average market indicators related to the cashless payments taking into account their current positions in order to find the ways of improving them. Regulatory institutions can use this information in order to make more informed decisions on the regulation and stimulating measures of retail cashless payments market in Russia.
- Report (in Russian)
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