Evolution of Payment Instruments and Their Development in the Digital Economy

Abstract

The widespread digitalization has globally changed the sphere of cash payments and settlements, created the conditions for them to constantly become simpler, faster, and more convenient for users. At the same time, it provided opportunities for the emergence and distribution of completely new payment instruments based on digital technologies. The digital tools gained the most ground in the field of payments for individuals. This article contains an analysis of the main trends and prospects for the development of the retail payment instruments sphere, their positive and negative impact on various sectors of the economy and user behavior. The purpose of the study is to identify the key factors that currently determine the spread and development of various payment instruments and that will determine their development in the future. The importance and relevance of the study are determined by the fact that it was conducted in the Russian Federation on the eve of the implementation of a pilot project for the use of the digital ruble and the participants in the study were respondents closely related to the field of economics and finance. The collection of materials for analysis was carried out in a large Russian city—St. Petersburg, where many significant financial institutions are located. Google form features were used for data collection. The received materials were analyzed and systematized; the corresponding conclusions were drawn according to the results.KeywordsConsumer payment preferencesRetail paymentsDigital payment instruments