MOSCOW, December 29. /TASS/. Russia’s Central Bank sees that the interest of payment market players in introducing and developing innovative solutions remains high, Director of the National Payment System Department at the Bank of Russia Alla Bakina said in an interview with TASS.
"Speaking about the payments market alone, there's certainly no sign of a decline in motivation. We see that players' interest in implementing and developing innovative solutions remains high. This is evident in our daily lives. Remember how rare a QR code was just five years ago, but now it's almost everywhere. Biometrics is rapidly developing. Major banks are entering the market one after another with pay-to-pay services," she said.
That said, there's another side to the coin: everything new is risky for those who implement it, Bakina added. "Many hypotheses are tested in practice, because until you try it, you won't know whether it will work or not. Moreover, this is a capital-intensive activity that requires significant expenditures. But with implementation and use, the effect is achieved over the medium term. This is, in fact, the reason all these innovations are being made. To summarize, the main reason motivating market participants to innovate is, of course, competition for customers," she explained.