The role of financial innovations in consumer behavior in the Russian retail payments market
Active development of financial innovations in Russia led to an increase in the number of studies related to the analysis of the role of FinTech in the financial services market. Russia is one of the global leaders in terms of the levels of penetration of financial innovations. This makes the FinTech use to be convenient for the consumers in the daily activities. This phenomenon makes the research on the role of financial innovations in the stimulation of payment activity of Russian individuals even more important. This article is devoted to the analysis of the role of FinTech use in the stimulation of the frequency of cashless payments.
Abstract
This study estimates the effect of financial innovations on the frequency of cashless payments by cardholders in the Russian retail payments market. Using a representative nation-wide survey of 1500 individuals from 2017 this study finds significant robust evidence that various types of financial innovations promote activity of consumers in the retail payments market. This paper contributes to the existing literature in retail payments by empirically analyzing the effects of emerging and existing retail financial innovations on the consumers’ behavior in the Russian retail payments market. The results of the paper offer important implications for financial services providers and regulators by outlining the role of financial innovations in promoting cardholders activity.
Highlights:
- Empirical analysis of financial innovations & cashless payments frequency in Russia.
- Financial innovations positively correlate with the frequency of cashless payments.
- The effects of mobile & online banking and e- & m-wallets are significant.
- The effects of personal finance apps & social networks’ transfers are insignificant.
- Probability of frequent payments increases by 4.8–18.6 percentage points with FI use.
Full article is available at the journal’s website
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