Korobeynikova O.M., Verezubova T.A., Peters I.A. Innovations and Key Trends in Retail Payments
Olga M. Korobeynikova
Volgograd State Technical University, Volgograd, Russian Federation
Tatyana A. Verezubova
Belarusian State Economic University, Minsk, Republic of Belarus
Irina A. Peters
Volzhskiy Institute of Economics, Pedagogy and Law, Volzhskiy, Russian Federation
Abstract. Money circulation and the retail payment sector in particular have traditionally served as key testing grounds for fintech innovation, positioning retail payment systems and the technologies and tools they employ as drivers of high-tech innovation for the entire financial industry. This article aims to classify innovations in the Russian retail payments sector and identify key trends in the retail payments market. The article demonstrates that payment cards are a traditional instrument that is widely used and has proved to be good for domestic retail payments due to operational, technological, and marketing factors. The development trends in both traditional card payment methods and alternative innovative contactless payment methods are examined, including QR code payments, biometric payments, digital ruble payments, and Russian Pay services for smartphone payments. This article describes Open APIs, an end-to-end financial technology that enables seamless delivery of financial services without centralization or accumulation by specialized participants. Retail payments based on open interface technology enable seamless optimization of all financial transactions that require payments: information on individual accounts and cards, legal entity accounts, mortgage and insurance agreements, and more. It is concluded that, in the current environment, it is important to strengthen the sovereignty of processing and data centers, as well as enhance the protection of digital information on its storage media and in the operating environment. Authors’ contribution. O.M. Korobeynikova – formulation of the research objective, hypothesis, and justification of the methodology; analysis of theoretical sources; justification of alternative payment methods in retail turnover; use of open APIs in retail payments technology; T.A. Verezubova – study of general tendencies and key trends in the retail payment market (traditional card payments, fast payment system); I.A. Peters – empirical analysis, collection and systematization of data on the considered aspects of innovation in the Russian retail payments sector, visualization of the research results, interpretation of the results, and formulation of conclusions.
Key words: retail payments, retail payment systems, fintech, banks, innovation, finance, money circulation, QR, APIs, AI, Open Banking.
Citation. Korobeynikova O.M., Verezubova T.A., Peters I.A., 2026. Innovations and Key Trends in Retail Payments. Regionalnaya ekonomika. Yug Rossii [Regional Economy. South of Russia], vol. 14, no. 1, pp. 81-91. (in Russian). DOI: https://doi.org/10.15688/re.volsu.2026.1.8
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