DISCUSSING THE LANDSCAPE OF THE NATIONAL PAYMENT SYSTEM: NEW TRENDS IN ITS DEVELOPMENT. WHAT WILL THE INSTITUTE OF NON-BANK PAYMENT SERVICE PROVIDERS BE LIKE?

This article examines some current trends in the development of the infrastructure of the national payment system (NPS). The authors focus on the study of the initiative of the Bank of Russia to create the institution of non-bank payment service providers (NPSPs), which was announced in 2021. The topic is relevant, since the new economic and political pressure (sanctions) on the economy and banking system of our country has caused damage to the national payment system. However, it could not be destroyed from the outside due to its resilience, which was facilitated by the activities of the Russian government and the Bank of Russia. The authors conclude that the NPS and its elements are resilient and point out that improvements to the NPS need to be continued to minimize external influences. It is noted that changes in the landscape of payment services occur due to the active development of financial technologies, the entry of financial and IT companies into the market that are not licensed credit institutions or non-profit organizations. Conceived creation of NPSP institute is aimed primarily at increasing competition in the payment services market. The authors of this study show that the NPSP institute absorbs the progressive developments of Western banking systems, and, at present, an expert discussion is underway on the implementation of the created NPSP institute in the realities of our economy and business interests, in the realities of the Russian legal field. Among the identified stop factors for the creation of the NPSP institution, the authors single out: the failure to regulate (in a legal sense) the application of AML/CFT protocols by organizations that become NPSPs; the not yet calculable capital intensity of the creation of the NPSP for future investors, as well as the uncertainty in terms of investments already made in subsidiary banks and NPOs for large players in the payment market. According to the authors, the payment services market is waiting, and the expert community is actively discussing the creation of the NPSP institute.

banking system, Bank of Russia, national payment system, economic sanctions, payment transactions, economic stability, external threats, non-bank payment service providers, NPS infrastructure, current NPS trends

Kosarev V. E., Pochinchik A. Y. Discussing the landscape of the national payment system: new trends in its development. What will the institute of non-bank payment service providers be like? Business. Education. Law, 2022, no. 4, pp. 109—113. DOI: 10.25683/VOLBI.2022.61.453.