In Russia, banks owned by large technology companies have sharply increased their share in the e-money market. According to the Central Bank, the banks of the "Yandex", Ozon and Wildberries ecosystems already account for 40% of e-money transactions, which is a significant increase compared to 2% three years ago. First Deputy Chairman of the Central Bank Olga Skorobogatova noted at the Finopolis forum that this trend is changing the country's payment landscape. She also added that in the next two years, 90-92% of all payments in Russia will be non-cash, which corresponds to the world leaders in this area.
The banks of these ecosystems began active development after the acquisition of small banks. Ozon bought Oney Bank in 2021, which is now known as Ozon Bank, Yandex acquired Akropol Bank and renamed it Yandex Bank, and Wildberries owns Wildberries Bank, which is also actively developing its financial services.
Competition between traditional banks and fintech structures of large ecosystems is intensifying. Bank representatives express concern that marketplaces offer their customers preferential terms, such as discounts and cashback, which makes them attractive in the eyes of consumers.
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