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14 October 2016

Present and Future of Payment Cards

In the framework of the session, the future payment cards as a form-factor, new participants entering the financial services market and technology development were considered, said Director of the Bank of Russia National Payment System Department Alla Bakina.

The conclusion the discussion participants arrived at is: financial services consumer's capability and expectations change under the influence of technical progress thus payment ecosystem should adapt to new needs of its users, employing modern technologies more actively, working together with FinTech companies, cooperating with new market participants.

The forum also covered forecasts as to the future of payment cards. A card as a payment tool (a rectangular piece of plastic in customer's hands) will gradually be substituted with digital payment tools. Nevertheless, it will definitely retain its functions in the coming years. Thus to rephrase Mark Twain's famous words: "The reports of its death have been greatly exaggerated," concluded Alla Bakina.