Development of the Russian Payment System in the Conditions of Digitalization of the World Economy

Abstract

The subject of the study is the national payment system of Russia in the context of accelerating the processes of digitalization of the world economy. The purpose of the work is to identify the key areas of development of the national payment system. The article states the importance of expanding the capabilities of the Mir payment system in the direction of the development of P2P settlement mechanisms and Internet payments. The possibilities of using the payment system for the development of trade and economic cooperation with friendly countries have been identified, consisting in the formation of a single payment space of the EAEU, expanding the practice of connecting foreign banks to the payment system of the Bank of Russia, as well as increasing the volume of cooperation between state development institutions of the EAEU and SCO countries. The need to create favorable conditions for the work of Russian economic entities in the financial markets of friendly countries has been established. The prospects of issuing the digital ruble of the payment system are evaluated, its importance for increasing the innovative potential of the national payment system is emphasized. It is determined that the digitalization of payment systems can be considered as an additional factor in improving the quality of life, increasing consumer welfare and increasing human capital. The conclusion is made about the expediency of developing a system of fast payments by improving the settlements of economic entities with public authorities.