The Global Retail Payments Market in the Emerging Digital Economy: Current Trends and Prospects

Abstract

The subject of the research is the trends of the global retail payments market in the emerging digital economy.

The purpose of the work is to identify the features of the modern retail payment system and determine the dynamics and trends of their development in Russia and foreign countries. Such payment mechanisms as cash, instruments based on electronic money transfers, checks, direct debit, payment cards are considered. As a result of the analysis of the global retail payments market, it was found that its dynamics will be influenced by such trends in the development of the world economy as a decrease in the share of cash payments and an increase in non-cash turnover, an increase in the use of e-commerce and retail consumer activity on the Internet, digitalization of banking operations, acceleration of economic processes of consolidation of business and capital through mergers and acquisitions of organizations. The trends of the retail payments market in Russia are considered, among which the active development of contactless electronic technologies, the rapid pace of development of the payment infrastructure and the increase in the types of payments made using payment cards are highlighted.

It is concluded that the development of the global retail payments market in the coming years and the formation of the global payment industry will cause the emergence of trends towards a decrease in the share of cash payments, an increase in e-commerce and an increase in retail consumer activity on the Internet, as well as the digitalization of banking operations. The development of the Russian market will be determined by the trends common to the global retail payments market.