Digitalization of the payment services and retail trade as a stimulus for development of the banking sector

The paper analyzes electronic payment instruments and means of payments in the Republic of Belarus. On the basis of the analysis, the author suggests possible ways to improve these aspects with account of global practice and national trends. Also, the author considers development of trade entities, including BigTech, networks and communications from the point of view of their penetration into the sphere of payments and interaction with banks. The final part of research describes modern payment ecosystem and gives recommendations based on the ways of transformation of commercial banks in the context of competition growth in the financial market.

This Policy Paper is available only in Russian.