NON-CASH SETTLEMENTS IN THE DIGITAL AGE: TRENDS AND CHALLENGES

Abstract

The paper analyzes the state of the modern market of non-cash settlements of legal entities and individuals in the conditions of digital transformation of the banking sector of the economy of the Russian Federation. The concepts of credit card market development in our country have been studied. The problems of development of non-cash settlements at the current stage are defined. This process of introduction and use of credit cards is subject to transformation. The ways of its further development in the medium term are outlined. Integration into the work of banks digital tools that automate and simplify both for corporations and private households the bulk of financial transactions, which allows to buy most of the risks. The research was based on the analysis of statistical data on the dynamics of non-cash payments (from systemically important banks and various publishers), credit card transactions and the use of digital technologies in the banking industry. The methods of comparative analysis, forecasting and generalization were applied to assess current trends and development prospects. The results show that digital transformation is contributing to a significant increase in non-cash settlements, active adoption of digital banking instruments and increased automation. However, the not-so-strong increase in usage of financial leverage remains an ongoing challenge. The discussion may focus on the need to strengthen banks’ technological infrastructure, which is already advanced, to increase financial inclusion and further simplify processes for end users. Mediumterm prospects include active implementation of innovative solutions, minimization of associated risks and expansion of accessibility of financial services.