Population
144M
Online population
133M
Currency
RUB
Population - 144M
It is the world's ninth-most populous country and Europe's most populous country.
Internet penetration - 92.2%
There were ****133 million internet users in Russia in January 2025.
Bank of Russia’s Fintech Strategy (2025–2027)
In 2024, the central bank released formal Guidelines for Financial Technologies Development, prioritizing enhanced regulation, robust payment and digital infrastructure, SupTech/RegTech deployment, secure fintech adoption, and international cooperation.
Digital Ruble (CBDC) Full Rollout
The digital ruble pilot, begun in 2022, expanded to thousands of users and businesses by Q3 2024. Legislation approved in early‑2025 enables nationwide rollout starting July 1, 2025, with major banks like Raiffeisen and UniCredit obliged to support it.
Unified QR & Biometric Payments
The regulator plans to introduce a universal QR code for seamless integration across payment systems (including SBP, Mir, and digital ruble), alongside biometric-enabled payments through the Fast Payment System and biometric authentication. 📈 QR and biometric payments, in Q1 2025 alone, exceeded ₽1.1 trillion, nearly doubling year-on-year.
SPFS & Mir Payment System Expansion
SPFS—the Russian equivalent of SWIFT—connected 557 institutions across 20 countries by early 2024. The Mir domestic card network, now issuing over 287 million cards and handling 56% of domestic transactions (Q4 2023), remains central to national payment autonomy. Cashless card payments reached ₽13.6 trillion across 14.9 billion transactions in Q1 2025.
RegTech & SupTech Emphasis
Applying supervisory and regulatory tech tools (SupTech/RegTech) is a major focus—used to streamline compliance, enhance consumer protection, and bolster transparency in microfinance and open banking.
Open APIs & Digital Profiles Infrastructure
Legally binding mandates for open APIs are planned post-2026, fostering an Open Finance ecosystem. Meanwhile, “Digital Profiles” (for individuals and legal entities) are being developed to enable smoother financial and government data sharing.
Fintech Support: IIDF & Accelerators
The Internet Initiatives Development Fund (IIDF) continues backing early-stage fintechs via VC funding and its nationwide accelerators. State programmes under the National Digital Economy and AI Strategy to 2030 further underpin fintech innovation.