Payment System of the Russian Federation: State and Development Trends

Payment system has undergone considerable transformations during the last 10 years, influenced by technological breakthroughs, regulation modifications and shifting consumer priorities. As long as the momentum of digital payments and currencies is on the rise, understanding the current state and newest trends has become a great deal more important for all participants of economic relationships. However, very little empirical research was able to accomplish comparative analysis of payment systems and digital currencies in various countries involving Russia. This study attempts to analyze the current state and contemporary trends in the improvement of payment system in Russia and to identify the possible challenges which may be faced in the process of introducing digital ruble into Russian banking system. In the theoretical part of the study, methods such as systematic analysis, synthesis, induction and deduction were mainly used. The empirical basis of the study was founded on statistical data of Central Bank of Russia, the website Statista, The Federal Service for the State Statistics (Rosstat). In order to interact with real numerical data not only mathematical modeling and measurement, but also observation and description methods were used. Moreover, to assess the readiness of the Russian banking system for the introduction of the digital ruble a SWOT-analysis was used. As a result of this paper, it is planned to pinpoint upcoming trends and developments that are shaping the evolution of payment system in Russia and to develop recommendations for its more successful implementation.