Prospects for the development of the market for settlements and payments in the field of digital transformation

The market of settlements and payments is in a situation caused by the tightening of the geopolitical situation and the rapid development of digital technologies. These two factors significantly affect the transformation of the payment segment. One of the main trends in the payment industry is the transition to cashless payments and the use of electronic wallets. This is due to the increase in the number of online transactions and the growing demand for mobile payments. At the same time, new technologies, such as blockchain, are emerging that could change the payments landscape. Some experts predict that blockchain technology will play a decisive role due to its merits and specific advantages over traditional ways of transferring financial information. In addition, new players in the payments market are emerging, such as fintech startups, which offer innovative solutions to simplify and speed up payment processes. In general, the settlements and payments market continue to develop and adapt to new conditions. Security, convenience and speed of transaction processing remain key success factors in this area. The settlement and payment market in Russia are no exception and is undergoing a very active process of digital transformation. A number of initiatives are also being developed related to cooperation within various international communities, such as BRICS and SCO.