Digitalization of Payments: Trends and Prospects

Abstract

The financial market as a whole and its infrastructure with payment instruments, in particular, are undergoing a transformation stage under the influence of such external factors as: the dynamics of consumer demand, changes in the state system and business environment. Digital technologies and initiatives implemented by regulators play an important role in this improvement process. Russia is among the top ten leading countries that demonstrate progress in the growth of cashless payments and the penetration of fintech into settlement algorithms. The growth of public confidence in new types of payment instruments largely predetermines the market prospects and its development trends for the coming years.