Digital innovatization tendencies of the payment services market in Russia and the Volgograd region

The payment market in Russia and the Volgograd region is not developed sufficiently either institutionally or organizationally; payment systems, as the main market participants, have heterogeneous characteristics, what gives the possibility to digitally form new fast-growing segments of the payment market in the symbiosis with other financial and non-financial market participants. Modern payment market is considered in conjunction with the financial technology market. The objective of the research is to justify the development trends of the Russian payment services market. The study applied general methodological scientific principles (the unity of theory and practice, the objectivity, the complexity), as well as the systematic approach in assessing the holistic picture of the money circulation current state and the payment market in the context of digital innovation trends. The consumer payment services market in Russia analysis showed the tendencies towards the separation of cards' contact and contactless segments, as well as the restructuring of the market offer in favor of national issuers, the deregistration of the cash flow and substituting the traditional services with the innovative ones. Card payment instruments are a growing segment of the payment market both in Russia and in the Volgograd region. The key trend in card issuance is an increase in the number and volume of the "MIR" cards operations. The penetration rate and the frequency of contactless technologies usage are growing at the highest rates compared to the traditional forms and instruments of payments. The main trends in the distribution of mobile payment retail services are: the increase in the total cost of communication services, the availability of modern communication facilities and the quality of services provided by mobile operators (digitalization level); the competitive market formation; the number of active communication subscribers increase; the Internet services receipt intensification; the transfer of merchant and bank acquiring networks to contactless payments. All totaled, the identified development trends reflect the digital nature of changes within the framework of the digital technological pattern.