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The Russian payments market and the national system for card payments: An interview with Maria Mikhaylova
Journal of Payments Strategy & Systems,
9
(1),
6-11
(2015)
Abstract
The Russian payments industry is facing some challenges, as some legislation was passed in 2014 that required Russian payment transactions to be processed on Russian soil. In this interview Maria Mikhaylova, Executive Director of the Russian National Payment Council Association (representing about 95 per cent of the players in the Russian payments industry) talks about the payments market in Russia as well as the latest legislation. Last November, the National Payment Council Association organised the National Payments Forum of Russia, where these topics were also high on the agenda. In this interview, Maria shares some of the key takeaways from this Forum with us.
Keywords: Russian Federation; Russian National Payment Card System; NPCS; Russian National Payment Council Association; National Card Scheme; Zolotaya Korona; Russian National Payments Forum
The full article is available to subscribers to the journal.
Author's Biography
Maria Mikhaylova is Executive Director of the Russian National Payment Council Association, and an expert in the field of payment systems and the payment market in Russia, with 20 years’ experience. She has worked for more than 15 years as Director of Zolotoya Korona, one of the first card payment systems in the Russian Federation. One of her positions there was Government Relations Director, and she has been representing Zolotaya Korona as Board Member at the Association. She has been actively involved in the development of Russian legislation on the national payment system, and she participated in the process of the institutionalisation of non-cash payments in Russia by combining industry participants. Since 2014 she has been the Executive Director of the National Payment Council — a non-profit organisation established by leading representatives from the cashless payments industry in order to promote the development of non-cash payments in the Russian Federation. Maria can be contacted at National Payments Council Association, 20\1 Petrovka Street, Moscow, 127051, Russian Federation; e-mail: mikhaylova@paymentcouncil.ru.
Diederik Bruggink is Managing Director of Bruggink Consultancy and is an independent international expert in cards, payments, and market infrastructures. During his career, he has led and worked on several international and high-visibility projects, mainly with a focus on cashless payments, across the whole payments value chain, from (e-commerce) merchant acquisition through to issuing banks and within card switching and card processing organisations. He was one of the key authors of the first three editions of the ‘World Payments Report’, and he makes regular appearances on conferences in the cards and payments industry. He is a member of the Editorial Board of the Journal of Payments Strategy & Systems.
