Non–cash payments in international business between Russia and China

Innovation is the first driver of development. The integration of the payment industry and mobile operations, the Internet, e–commerce, and other industries has created new opportunities for innovation and the development of payment services. Banking financial institutions, being the main part of the payment services market, assume the role of the main provider of non>cash payment services. The integration of non–cash payment instruments and bank management functions continues to deepen, and industry applications are becoming more mature. Through cooperation and exchange between China and Russia, as well as the development of the cultural economy, tourism, trade and other areas, Russia has adopted such Chinese non–cash payment methods as Alipay, WeChat and UnionPay. This has played an active role in improving the diversification of the transaction channels of two peoples, as well as in personalization and simplification of payment instruments, and it is very consistent with the requirements of convenience and efficiency of modern payments.