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Payment instruments choice of Russian consumers: reasons and pain points

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  • Ekaterina Semerikova

Abstract

Purpose - The paper aims to explore reasons for choosing different payment instruments and pain points from using them in a Russian context. It proposes that given the expansion of the range of personal payment instruments, the choice for payment is now influenced by many factors, including the type of financial provider and potential benefits for consumers. Design/methodology/approach - This paper is an exploratory study that uses data from the qualitative research conducted in three Russian cities (Moscow, Yekaterinburg and Saratov) based on 50 online payment diaries and 12 group discussions. It was complemented by the analysis of consumers’ posts on six relevant media platforms. Findings - The results show that a bank card is a new must and people choose it for convenience, safety and access to online purchases inside and outside Russia. Cash is used out of habit or wherever cashless payments are either not free or unavailable. Reasons for smartphone pass-through wallet usage include speed, attribute of style and higher cashbacks. Research limitations/implications - The limitations of the study are similar to any qualitative research and include, in particular, lack of generalization. Proposed hypotheses might be further tested quantitatively on a representative sample. Practical implications - The results might help providers of financial services in creating better quality products that address consumer pain points and in developing strategies that allow for the changing preferences of consumers. Originality/value - To the authors’ knowledge, this is the first such study to consider reasons for choosing and pain points from using certain payment instruments in the emerging markets, in particular, Russia.

Suggested Citation

  • Ekaterina Semerikova, 2019. "Payment instruments choice of Russian consumers: reasons and pain points," Journal of Enterprising Communities: People and Places in the Global Economy, Emerald Group Publishing Limited, vol. 14(1), pages 22-41, November.
    • Handle: RePEc:eme:jecpps:jec-09-2019-0089
    DOI: 10.1108/JEC-09-2019-0089
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    Citations

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    Cited by:

    1. Vimala Balakrishnan & Chin Lay Gan, 2023. "Going Cashless? Elucidating Predictors for Mobile Payment Users’ Readiness and Intention to Adopt," SAGE Open, , vol. 13(4), pages 21582440231, December.
    2. Hway-Boon Ong & Lee-Lee Chong, 2023. "The effect of cashless payments on the internet and mobile banking," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(1), pages 178-188, March.
    3. Vimala Balakrishnan & Meesha Lini Eesan, 2024. "Enablers and disablers for contactless payment acceptance among Malaysian adults," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-12, December.
    4. Kanokkarn Snae Namahoot & Ekkarat Boonchieng, 2023. "UTAUT Determinants of Cashless Payment System Adoption in Thailand: A Hybrid SEM-Neural Network Approach," SAGE Open, , vol. 13(4), pages 21582440231, December.
    5. Krivosheya, Egor, 2020. "The role of financial innovations in consumer behavior in the Russian retail payments market," Technological Forecasting and Social Change, Elsevier, vol. 161(C).
    6. Semerikova, Ekaterina, 2020. "What hinders the usage of smartphone payments in Russia? Perception of technological and security barriers," Technological Forecasting and Social Change, Elsevier, vol. 161(C).

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