Payment instruments: attitudes and perceptions of Russian consumers
For the past three years there has been a noticeable growth of financial services users among Russian population: according to NAFI research, the share of banking services users has increased by 5 percentage points since 2017 and currently is 86%. At the same time the level of digital literacy of Russians has also been rising: for the past three years it has grown by 10 points from 52 in 2017 to 62 out of 100 in 2019. Russians have an interest in digital technologies, including digital financial instruments.
The increasing diversity of form-factors used by consumers motivated Centre for Research in Financial Technologies and Digital Economy SKOLKOVO-NES to study financial services users’ attitudes towards different payment instruments (both cash-based and cashless) in Russia (i.e., owners of debit or/and credit cards) including the perceptions of their benefits, pain points and barriers while paying for goods and services. This quantitative research is a continuation of the qualitative study conducted in 2018, and was done in two stages with the help of National Agency of Financial Research (NAFR). The results of the first stage of study conducted in September 2019 based onrepresentative nation-wide survey demonstrated that active users of payment instruments in question are citizens of large cities, 18-45 y.o. with sustainable income. Considering the abovementioned parameters of the target audience, the data for the second stage was collected via an online panel survey (N = 1016 people) with quotas based on descriptive statistics from the official Rosstat statistics on the Russian population (sex, age, city type and Federal district) in order to maintain sample’s representativeness.
This research will be useful to everyone who is related to Russian retail payments market. First of all, these results offer financial services providers some insights into the attitudes of active card users towards different payment instruments, especially their pain points that might be addressed in order to improve customer experience and boost customer loyalty. The regulator might pay attention to the results in order to stimulate further usage and depth of usage of cashless payments to further foster financial inclusion.
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