Try our corporate solution for free!
(212) 419-8286
hadley.ward@statista.com

FinTech in Russia - statistics & facts

The 21st century’s digital revolution paved the way for fintech development in the financial services sector worldwide. Financial technologies refer to any technological innovations which aim to automate the delivery and use of financial services. Initially, the technologies were related to banks only, but with time they became more consumer-oriented. Currently, fintech is understood as a broad variety of technological interventions into personal and commercial finance. At present, fintech encompasses diverse sectors and industries such as retail banking, fundraising, cryptocurrencies, and investment management, to name a few.

Steadily growing investments in fintech technologies on a global scale confirm a strong potential for this industry and further expansion prospects in coming years. In Russia, fintech transaction value amounted to over 45 billion U.S. dollars during 2019, with an estimated users volume expected to exceed 76 million by 2024.

Online banking and digital payments

Digital payments and personal finances are the two major segments of the fintech industry in Russia, constituting roughly 90 and 9 percent of the market share, respectively. In 2019, the total value of electronic payments was over 613 trillion Russian rubles, while the value of bank card payments amounted to about 27 trillion Russian rubles. Bank cards were the second most employed mode of payment after cash in the country as of 2019, among which MasterCard and Visa were the dominant brands.

In recent years, Sberbank was the leading bank in Russia by investment value in information technologies. Accordingly, the most popular mobile banking app in the country also belonged to the aforementioned bank. In 2019, Russian users’ service of choice for digital payments was reported to be Sberbank Online.

Neobanks

The rise of neobanks in Russia's contemporary financial industry was closely related to the development of fintech. Hence, neobanks are fully digitalized financial institutions that lack physical branch networks and operate with products related to financial technologies.

In Russia, Tinkoff Bank was the largest institution of this kind, with an estimated value of nearly 250 billion Russian rubles in 2018. Nonetheless, Yandex.Money reported significantly better profitability ratios than the former over the same period. The Russian payments system provider Qiwi Group, whose largest business segment was money remittance, accounted for over 680 million Russian rubles in net profits in 2019.

Interesting statistics

In the following 4 chapters, you will quickly find the 28 most important statistics relating to "FinTech in Russia".

Fintech in Russia

Dossier on the topic

All important statistics are prepared by our experts – available for direct download as PPT & PDF!
TOP SELLER

Important key figures

The most important key figures provide you with a compact summary of the topic of "FinTech in Russia" and take you straight to the corresponding statistics.

Online banking and digital payments

Neobanks

Contact

Get in touch with us. We are happy to help.
Statista Locations
ContactHadley Ward
Hadley Ward
Sales Manager– Contact (United States)

Mon - Fri, 9am - 6pm (EST)

ContactZiyan Zhang
Ziyan Zhang
Customer Relations– Contact (Asia)

Mon - Fri, 11:30am - 10pm (IST)

ContactKisara Mizuno
Kisara Mizuno
Customer Success Manager– Contact (Asia)

Mon - Fri, 9:30am - 5:30pm (JST)

ContactLodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)

Mon - Fri, 9:30am - 5pm (GMT)

ContactCatalina Rodriguez
Catalina Rodriguez
Key Account Manager - LAC– Contact (Latin America)

Mon - Fri, 9am - 6pm (EST)