Importance The article overviews key actors of the online banking market for mass payments. I evaluate how online banking evolves in Russia as it allows for streaming customers from bank offices to digital banking service. Objectives The research unfolds the current state and prospects of online banking in Russia and worldwide. I analyze the current state of online banking in Russia, issues impeding a considerable growth in users, evaluate prospects of wireless payments within the coming five years in Russia and worldwide, and emergence of alternative actors that would be alternative to banks and able to win a significant part of the Russian market of financial technologies. Methods I used methods of analysis of scientific and information framework, synthesis of the findings into theoretical conclusions and practical recommendations. The methodological and theoretical underpinning comprises proceedings of national and foreign scholars majoring in the theory and practice of ensuring economic and financial background and resources. Conclusions and Relevance Online banking is the most critical tool to ensure stable operations of banks, their competitiveness and increase the efficiency of financial business. Digital services gain momentum in the Russian banking market. Banks will be able to offer new services via online banking facilities, thus developing the banking system of Russia. National credit institutions and banks worldwide may lose a considerable part of the mass payments market within the coming years. E-money, mobile operators and payment terminals may become viable competitors.
Keywords: digital service, online banking, cashless transaction, risk, fintech company
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