Importance The objective of monetary policy is to improve the qualitative characteristics of use of money. Both theoretical research and official regulations of monetary policy neglect the key performance indicators of use of money in the economy, i.e. the velocity of money circulation. Objectives The research aims to study an impact of the level of development of payment systems on monetary circulation and supply of money indexes. Methods The paper analyses the dynamics of monetary circulation indicators and establishes qualitative dependence of parameters of supply of money on the level of payment systems. The article also identifies the prerequisites for the preservation of positive dynamics in integration of payment systems into a single national payment system. Results Based on Milton Friedman's monetary rule, I prove that by increasing monetary circulation through payment systems' channels, one can quantitatively reduce money supply, or it can facilitate the qualitative saturation of the economy with money with existing supply money amount. Payment systems development can affect the acceleration of turnover of money supply and its components, providing control over the growth of money supply. The analysis of money supply components has revealed multiple, but slowing growth in money supply when changing the structural proportions in favor of non-cash units. I consider non-cash units as an indirect result of the development of payment systems. This conclusion is based on the evolution study and current status of national and private payment systems in Russia. Conclusions and Relevance Reducing the tempo performance of supply of money elements is associated with the optimization of money processes functioning in the economy and improving the quality characteristics of these processes, i.e. it is the result of the payment systems development. However, it is difficult to determine reliably the quantitative value of payment systems impact, because there is a multifactorial relationship with various power and hierarchy impact of factors on the structural heterogeneity components of supply of money.
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