1. Valeriy A. Tsvetkov, Mikhail N. Dudin, Nikolay V. Lyasnikov, Kobilzhon Kh. Zoidov

Problems and Prospects of Developing Electronic Payment Systems in Russia

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Valeriy A. Tsvetkov

Director of the Institute of Market Problems of RAS, Doctor of Economics, Professor, corresponding member of the Russian Academy of Sciences

Nakhimovsky Ave 47, Moscow, Russian Federation, 117418

Mikhail N. Dudin

Head of the Laboratory of the Institute for Market Problems of the RAS (Moscow), Doctor of Economics, Professor

Nakhimovsky Ave 47, Moscow, Russian Federation, 117418

Nikolay V. Lyasnikov

Senior Scientific Researcher of Laboratory of the Institute for Market Problems of the RAS (Moscow), Doctor of Economics, Professor

Nakhimovsky Ave 47, Moscow, Russian Federation, 117418

Kobilzhon Kh. Zoidov

Head of the Laboratory of the Institute for Market Problems of the RAS (Moscow), Ph.D. in Physical and Mathematical Sciences, Associate Professor

Nakhimovsky Ave 47, Moscow, Russian Federation, 117418

Being a set of rules, procedures, and payment infrastructure, payments systems have a significant effect on the development of non-cash transactions in a country, which ensures better transparency of the financial system. Payment systems such as VISA, MasterCard, and MIR are currently developing rather rapidly in Russia, despite certain problems associated with the specific financial, economic, technical, and technological functioning of these systems.
Aim. The presented study aims to develop guidelines for improving the development of the most-used payment systems in Russia. To that end, the authors assess the specific features of the development of payment systems across the world and in Russia, analyze the dynamics of the development of payment systems in Russia, and propose directions for the development of payment systems in Russia.
Methods. This study uses general and special scientific methods of cognition. General scientific methods include analysis, synthesis, comparison, and modeling. The special methods include legal analysis, process analysis, and statistical analysis of dynamics and structure.
Results. The study examines the most popular payment systems used by banks and non-bank credit organizations that issue cards (VISA, MasterCard, and MIR) that circulate in Russia and beyond. It is concluded that the number of transactions made using bank cards (both debit and credit cards) has increased significantly. Relevant problems of data processing by international payment systems in Russia and regions that fall under international sanctions are analyzed. Development prospects for the Russian payment system MIR and realization of its competitive advantages in the internal and external market are examined.
Conclusion/Relevance. Nowadays, international payment systems (primarily VISA and MasterCard) are rather closely integrated in Russia. At the same time, ongoing attempts to develop the Russian system MIR have not yet been sufficiently successful. Even though MIR cards are widely accepted by acquiring operators in Russia, making transactions using these cards at the international level is still problematic, which requires the government and the banking industry to focus their efforts on facilitating the turnover of such cards.

Keywords: payment systems, bank cards, MIR system, VISA/MasterCard, acquiring

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