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The role of financial innovations in consumer behavior in the Russian retail payments market

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  • Krivosheya, Egor

Abstract

This study estimates the effect of financial innovations on the frequency of cashless payments by cardholders in the Russian retail payments market. Using a representative nation-wide survey of 1500 individuals from 2017 this study finds significant robust evidence that various types of financial innovations promote activity of consumers in the retail payments market. This paper contributes to the existing literature in retail payments by empirically analyzing the effects of emerging and existing retail financial innovations on the consumers’ behavior in the Russian retail payments market. The results of the paper offer important implications for financial services providers and regulators by outlining the role of financial innovations in promoting cardholders activity.

Suggested Citation

  • 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).
    • Handle: RePEc:eee:tefoso:v:161:y:2020:i:c:s0040162520311306
    DOI: 10.1016/j.techfore.2020.120304
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    Cited by:

    1. Zhian Zhiow Augustinne Wong & Ramez Abubakr Badeeb & Abey P. Philip, 2023. "Financial Inclusion, Poverty, and Income Inequality in ASEAN Countries: Does Financial Innovation Matter?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 169(1), pages 471-503, September.
    2. Van Hove, Leo, 2021. "The role of financial innovations in consumer behaviour in the Russian retail payments market: A comment on Krivosheya," Technological Forecasting and Social Change, Elsevier, vol. 172(C).
    3. Zsófia Pintér & Katalin Tóth & Tibor Bareith & József Varga, 2021. "The Relationship between Decision and Payment Habits and Its Relation with Wasting—Evidence from Hungary," Sustainability, MDPI, vol. 13(13), pages 1-13, June.

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    More about this item

    Keywords

    Retail payments; Payment cards; Consumer behavior; Financial services; Cashless payments frequency; Financial innovation;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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