Digital Transformation Of The Retail Payment Market

Abstract

The aim of the study is to identify the main trends in the development of the Russian retail payment market, caused by the diffusion of digital innovations into the payment sector. An algorithm for studying the digital transformation of the payment market is proposed: information and communication technologies → digital financial infrastructure → financial technologies → technological platforms → payment services → retail payment market → customers (service consumers) → meeting the payment needs of customers → meeting customers' financial needs. The payment services market infrastructure is investigated as a set of institutions, technologies, and mechanisms of interaction between supply and demand; institutions are the material condition for the emergence of digital platforms and innovative financial technologies' operational scaling. The classical representation of the equilibrium of supply and demand is adapted to the conditions of the modern payment market; adaptation consists in identifying the dependences of demand (user needs) on supply (information and communication technologies) based on the variables ОХ (volume indicators of payment services) and ОУ (information and communication capabilities). It is graphically substantiated that the increasing user needs outstrip the offer and intersect at the point where IT capabilities and user needs match. When the point shifts upward in the transition to a new technology level, the demand is satisfied in greater volume and better quality.