Russia’s payment system in the new geopolitical and economic conditions: problems and prospect
Автор: Orlov S.N., Fedorets A.E.
Журнал: Economic and Social Changes: Facts, Trends, Forecast @volnc-esc-en
Рубрика: Public finance
Статья в выпуске: 3 т.16, 2023 года.
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Taking into account an unprecedented number and quality of packages of external restrictive measures introduced against the financial and real sectors of the Russian economy, the mechanism for ensuring sustainable development of the national economy obviously needs comprehensive adjustment, from the point of view of updating priorities, and from the standpoint of monitoring the level of compliance and adaptation to the emerging challenges. Among the most sensitive restrictions, as envisioned by their initiators, are measures against the Russian financial sector, primarily the payment system and infrastructure. The article presents the results of analyzing the effectiveness of the national payment system in modern conditions. We highlight emerging trends in the activities of payment agents and payment system operators and substantiate promising directions for the development of the national payment infrastructure. The aim of the study is to determine the degree of influence of current challenges and threats on the efficiency and effectiveness of the national payment system. The novelty of the research is associated with the influence of unique external conditions that affect the functioning of the object of research. The set of indicators proposed in the work to assess the effectiveness of the national payment system allows for the system-wide integration of the most important aspects of the changes taking place in the infrastructure of payment systems. The results of the analysis confirm the need for the Bank of Russia to take and implement preventive decisions and introduce infrastructural changes to the operation of the national payment system in the context of escalating external restrictions. The conclusions of the study contain specific measures aimed at improving approaches to determining the effectiveness of the national payment system operators. Our key recommendation is to increase attention to the issues of priority development of payment turnover based on the implementation of innovation technologies and products, comprehensive infrastructure renovation, countering risks and threats in the policy of the Bank of Russia.
National payment system, efficiency of functioning of the payment system, payment infrastructure
Короткий адрес: https://sciup.org/147241184
IDR: 147241184 | DOI: 10.15838/esc.2023.3.87.9
Текст научной статьи Russia’s payment system in the new geopolitical and economic conditions: problems and prospect
The payment system plays a decisive role in ensuring a reliable, uninterrupted, technological and efficient flow of money and financial flows in the economy in the context of enormous, in fact, unprecedented challenges and diverse impacts of trade restrictions and financial restraints on the national economy. It is obvious that participants of the payment market are forced to carry out activities in a state of permanent monitoring, technological and institutional transformation, system regulation, adaptation of economic entities to the changes, occurring in the national economic mechanism and in the external geo-economic and political contour (Orlov, 2022). For the purposes of monitoring, a set of indicators is needed, which would allow tracking institutional infrastructure changes, occurring in the national payment system (hereinafter – the NPS). Under conditions of growing threats, when an unprecedented number of multidirectional restrictions are acting on the economy and financial system of the Russian Federation, it is extremely important to choose the right priorities, to set the accents, to determine the ways for development of the NPS, and to develop monitoring mechanisms that help to permanently monitor the effectiveness of the decisions made and the transformations implemented.
At a time of financial, information, technological, material, human and other resource restrictions, the largest companies and banks with a developed customer base have to rely on the implementation of the most modern organizational and technological systems, the development of production links, implemented in the form of ecosystem projects, offering an expanded list of various project solutions, including offers for the development and implementation of the specified transformation in order to maintain competitiveness. As a consequence, in some segments of the payment system of the RF at the moment there is a high level of concentration according to international criteria, as a result of which several leading players (Sber, VTB, Tinkoff, Yandex, MTS) occupy a dominant position. In addition, in the NPS for obvious, quite objective reasons, the requirements for ensuring economic, primarily information, security have increased repeatedly.
Currently, the participants of the payment market have recorded a number of very significant challenges, listed below, in relation to ensuring the performance and efficiency of the payment infrastructure:
– expansion of opportunities for settlements in digital currencies, requiring the implementation of institutional changes, transformation and additional technological adjustments in the work of the national payment system;
– achievement by the “Mir” payment system of a unique, in fact monopolistic, position on the national market of payment systems;
– refusal of a number of foreign market participants to cooperate with the “Mir” payment system due to the fear of secondary sanctions from the USA, which makes it extremely difficult for Russians to make payments in foreign countries;
– updating the requirements and protocols of the pan-European payment system, which complicates the communication of Russian counterparties in payments with Western partners (De Portu, 2022).
The aim of the work is to study the issues of improving the efficiency of the national payment system in the face of modern challenges and threats.
The objectives of the study are to analyze the dynamics of changes in the quantitative parameters of the operation of payment infrastructure used to monitor the state of the NPS, to identify trends in the functioning of the national payment system, to develop priority proposals aimed at developing the NPS, the implementation of effective innovative approaches to successfully counteract modern challenges and threats.
The scientific novelty of the results is to develop a system of indicators to determine the level of the NPS efficiency to make management decisions to improve the payment infrastructure in the unique conditions that have a significant impact on the functioning of the object of research.
