According to the EY Global Fintech Adoption Index, penetration rate in Russia was 82% as of 2019, largely exceeding the global average of 64% or the rates of Western European countries, including Switzerland (at 64%, precisely the global average) or the USA (46%).
In terms of the types of fintech services most widely used, the EY survey confirms that consumer awareness in Russia is high across all categories, but particularly in money transfer and payments services. 99.5% of consumers are aware that there are FinTech services available to transfer money and make payments.
Russia: your target market for the growth of your fintech business?
These are the following key fintech drivers in Russia: (a) low availability of traditional banking services, (b) high penetration of smartphones and internet, (c) convenience and ease of use of mobile banking. Indeed, transaction functionality of Russian banks’ smartphone apps generally by far exceeds that of Western European peers.
The Russian fintech industry has a number of distinguishing features that set it apart from other European markets and makes it an interesting environment for Swiss fintech companies with global ambitions. Learn more about the opportunities and the Russian fintech market in the report provided by the Swiss Business Hub Russia.