Zaernyuk V.M.Russian State University of Tourism and Services Studies, Cherkizovo, Pushkino District, Moscow Region, Russian Federation zvm4651@mail.ru
Subject Safe and efficient operation of retail payment systems and instruments is one of the major challenges for the majority of central banks. It reflects the key role that retail payment systems play in the financial system and the real economy. Throughout the world, there is a growing trend in involvement in retail payments of institutions other than banks. Therefore, research and analytical work on the subject, including the analysis and evaluation of possible consequences of the growing presence of non-banking institutions in the financial markets, is particularly important for the population, the economy and central banks. Objectives The aim of the study is to analyze the existing vision of types, function specifics of non-banking institutions, and their classification in the domestic and foreign practice. Methods The methodological basis of the research includes abstract, logical, structural and functional methods. Results The findings show that in contrast to the Russian practice, where non-banking credit institutions are classified as payment, settlement, deposit and credit ones, overseas non-banking institutions are classified as front-end providers, supporting providers, operators of retail payment infrastructure, and end-to-end providers. Conclusions and Relevance I conclude that the increasing participation of non-banking institutions may generate significant risks in the retail payments system. Therefore, it is crucial to standardize and provide interoperability of the national supervision over non-banking credit institutions in order to be able to appropriately react to changes in the retail payments market under conditions of large-scale use of banking innovation.
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