Wednesday , November 29 2023
Russia Remittance and Bill Payments Market

Russia Remittance & Bill Payments Market Driven by Growth in Fintech Companies Coupled with Increased Use of Digital Payment System: Ken Research

The regain of oil and gas prices after a dip and increased number of migration from CIS and Non-CIS countries in Russia has been a major growth driver in Russia Remittance and Bill Payments market of 2018.

Analysts at Ken Research in their latest publication Russia Remittance and Bill Payments Market Outlook to 2023 (Second Edition) – By Domestic Remittance Banking and Non Banking (MTO) Channels, International Remittance Flow Corridors and Channel; Bill Payment Segment believe that pawnshops in Russia can play a major part in expansion plans for money transfer operators. Fast-changing technology and mode of payments will require quick adoptions by the major players and small players. A failure to do so will lead to their eventual disappearance as new service models continue to emerge in Russia.  This will help the sector to register a positive CAGR of 5.0% during the period 2018-2023 in terms of transaction volume in the International Remittance market.

Internal & External Migration Growth: Russia has been one of the major migration destinations for overseas workers from CIS and Non-CIS countries and ranked amongst top remittance generating countries. With improving economic conditions after the recession in 2014-2015, there has been an increasing trend of migration in the country in search of jobs. Major migration corridors are Switzerland, the USA, Uzbekistan, Tajikistan, and other countries. Additionally, an increase in internal migrations to Central Federal Districts, Northwestern Federal District and Volga Federal District was observed in 2018 due to increased investments in infrastructure development projects in the country and Russian from other districts looking for better job opportunities.

Stiff Competition in Russian Remittance Market: The remittance market of Russia is dominated by banking channels in both international and domestic markets with low commission fees such as Sberbank, VTB Bank, and others. In non-banking channels, local money transfer operators dominate the remittance market with low fees charged compared to international money transfer operators. Growing penetrations of mobile phones and new payment technologies have provided entrance to new players of m-wallets and others in the remittance market.

Demand for Utility Services: In recent years, with development in economic conditions of the country and increased inter-regional and intra-regional migrations in the country, the trend of nuclear families and growing expat population has increased the demand of utility services. The bill payment market has registered transaction volume growth at the CAGR of 13.0% in 2013-2018.

Key Segments Covered:-

International Remittance Market

By Flow Type



By Individuals



By Major Flow Corridors

CIS (Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, Ukraine and Others)

Non-CIS (Switzerland, Latvia, USA, UK, Germany and Others)

By Remittance Channels


Non Banks

By Payout Mode


Non-Cash/Electronic Transfer

By Channels



Domestic Remittance Market

By Remittance Channels


Non Banks

By Major Flow Corridors

Central Russian Federal District

Volga Federal District

North-western Federal District

Bill Payments Market

By Mode of Payment



Method of Payment


Credit / Debit Cards / E-Wallets

Direct Bank Debits and Transfers

Key Target Audience:-

Money Transfer Operators



Bill Payment Companies


Mobile Money Companies

Central Bank

Investors and PE Firms

Convenience Stores

Time Period Captured in the Report:-

Historical Period – 2013-2018

Forecast Period – 2019-2024

Companies Covered:-

Major Bank Channel in Russia:-


VTB Bank


Alfa Bank

Major Non-Banking Channel in Russia:-

Russian Post




Money Gram

Western Union

Key Topics Covered in the Report:-

Russia Remittance and Bill Payments Market

Russia Remittance and Bill Payments Market Revenue

Russia International Remittance Market Growth

Inbound Remittance Market Russia

Cash Transfer Russia Remittance Market

Electronic Transfers Russia Remittance Market

Russia Remittance Offline Payment Market

Russia Remittance Online Payment Market

Russia Remittance Credit Cards Payment Market

Pawnshops Russia Remittance Market

Money Gram Remittance Market Shares Russia

Third-Party Bill Payment Market Russia

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications

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