Banks owned by large marketplaces capture 40% of electronic payments market — Central Bank
According to statistics of the Central bank, the number of card payments dropped by 12% and the share of payments by other instruments increased
SIRIUS, October 16. /TASS/. Banks owned by the largest Russian marketplaces have already occupied 40% of the electronic payments market, First Deputy Governor of the Central Bank Olga Skorobogatova said at the Finopolis forum.
"Over the last three years, banks of three largest Big Tech-based ecosystems captured 40% of the electronic payments market. The figure was 2% three years ago," she said.
Yandex, Ozon and Wildberries established their own banks over the last several years.
According to statistics of the Central bank, the number of card payments dropped by 12% and the share of payments by other instruments increased. In the meantime, the share of cashless payments in Russia is 85% at present and may be above 90% in 2-3 years.
The Finopolis 2024 innovative financial technologies forum is being held from October 16 to 18 in the Sirius Federal Territory. TASS is the general information agency of the forum.