Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Transformation of a banking payment business under the influence of FinTech innovations


The article examines recent trends in the development of banking payment business under the pressure of growing competition from new FinTech companies and digital banks entering the mobile payments and P2P transfers markets. Author outlined the differences in development trends between developing countries and developed economic zones, which are determined primarily by the global economic downturn and increased control over capital flows and compliance with lending standards, as well as increased regulation in low interest rates conditions.

Author describes main modern development trends of the payment industry, which include the evolution of status, introduction of innovations in risk assessment, review of the loyalty programs architecture and the big data tools role in their development, as well as the new value level of mobile wallets in the market. Paper presents main features of the development strategies of new digital banks, as well as the rating and ownership structure of the leading digital wallets in the US market. The strategy and the first results of entering the payments market of technological companies – manufacturers of smartphones – Samsung and Apple are addressed. The comparison of key features of the most popular mobile payment services: Apple Pay, Samsung Pay, Google Wallet, PayPal and Bitcoin is done. The main development trends of the P2P segment of payments are outlined, in particular, in distribution through the social networks and messengers aspects.

The key differences in the dynamics and peculiarities of mobile payments development in the Asian and Western markets are highlighted. The main challenges for the payment sector segments of international transfers and card business are determined.

  1. Meola, A. (2016, December). The Future Of Banking: Growth of innovative banking fintech services. Business Insider. URL:

  2. Bansal, S., Bruno, Ph., Istace, F., Niederkorn, M. (2016, September). A mixed year for the global payments industry. URL:

  3. Keeley, A., Pavlov-Rusinov, A. (2016, October). Russian Financials. Who Innovates Wins: Lifting the Lid on Fintech in Russia. Sberbank CIB Investment Research. URL:

  4. Voronova, T., Eremina, A. (2016, November 7). We want the company to cost two, three, five, ten times more. Vedomosti. URL: [in Russian]

  5. McGrath, M. (2017, January). Starbucks Mobile Orders Grow, But Not Enough To Lift Q1 Sales Above Expectations. Forbes. URL:

  6. Eremina, A. (2016, November 22). How Apple Pay and Samsung Pay change the payment business. Vedomosti. URL: [in Russian]

Full text