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In 2021, Russians made payments through FPS more often, but for smaller amounts
The study analyzed all outgoing and incoming transfers the clients of the Russian Standard Mobile Bank sent to and received from clients of any banks, as well as transfers between clients of FPS member banks, for the period of 2021.
The popularity of transfers through the FPS grew among Russians throughout 2021. According to the bank, the average monthly growth in the number and amount of such transfers reached 9% and 8%, respectively, with the total number of such transactions increased by 4.5 times, and their total value by 3.8 times.
One of the trends developed by FPS transfers last year looks like this: Russians began to make them more often, but the average transfer amount dropped. Thus, according to the bank, the average value of FPS transfer amounted to RUB9,793 (down 17% compared to 2020).
FPS has been energetically seizing the card transfers market share lately, and 2021 was no exception. In Russian Standard Bank, according to the past year financial totals, the number and value of FPS transfers reached 35% and 28% of the individual transfers annual volume, respectively. P2P transfers from card to card comprise the bulk of the total volume of money transfers, namely 52% and 37% in terms of number and amount, respectively.
The share of FPS transfers in the total number of individuals’ transfers to various banks made through the RSB Mobile Bank increased from 9% in 2020 to 35% in 2021, and in terms of value – from 9% to 28%. At the same time, the similar indicators of classic card-to-card transfers decreased. According to the bank the share of card transfers in the total volume of individuals’ transfers to different banks in the RSB Mobile app in 2021 decreased to 52% and 37% in terms of their number and value (compared to 60% and 41% in 2020), respectively.
As the FPS grows, the bank's analysts report a decrease not only in the share of card transfers, but transfers by account details as well. In this regard, the advantage of FPS is unchallenged – it significantly saves time and does not require a long account number to be typed in. Last year, the share of transfers by account details in the total volume of individuals’ transfers to different banks in the RSB Mobile app decreased by number from 31% in 2020 to 13% in 2021, and by value - from 50% to 34%, respectively.
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