Electronic money in Russia: a comparison of the financial success of market players

    Electronic money systems do a good job of accounting for the money of their users.

    Let's try to change places and count the money in the pocket of the payment systems themselves.

    Electronic money is money that is used only on the Internet. This money cannot be touched, it does not have a physical form, but is located on electronic media. With their help, you can pay for goods in online stores, mobile communications and utilities, make transfers to other users, exchange them for other forms of cash and much more.

    The electronic money market is gaining more and more popularity in Russia every year. The market is regulated by the Central Bank of Russia, and the basic law to which all participants in this market obey is “On the National Payment System” N 161-ФЗ dated June 27, 2011. It’s

    worth mentioning right away that multiple illegal Internet resources will not be considered in the article, loudly calling themselves payment systems, but actually violating the law of the country (performing illegal banking operations), as well as not giving even minimal guarantees of safety of funds to their customers.

    Overview of market participants

    At the time of writing, the Russian electronic money market is represented by the following national companies registered with the Bank of Russia as payment NPOs (Payment Non-Bank Credit Organization):

    PNCO NameThe brandDate of registrationWebsiteArea of ​​activity
    Coin.ruCoin.ru06/04/2012moneta.ruFor instant secure online payments.
    Electronic payment serviceRBK Money06/27/2012www.rbkmoney.ruA platform for carrying out transfers in various ways, as well as payment in online stores.
    Money. Mail.ruMoney @ Mail.Ru08/02/2012money.mail.ruPayments in cash and bank cards, instant money transfers, payment of receipts
    Yandex moneyYandex money08/02/2012money.yandex.ruPayment for services, transfers and replenishment, acceptance of payments on sites. Simplicity and convenience of payment technologies.
    Cash deskWallet One10/08/2012walletone.comMulti-currency wallet, transfers by e-mail and phone, many points of replenishment and withdrawal of funds around the world
    Delta KayDelta Kay12/18/2012deltakey.ruMoney transfers in terminals and ATMs, payment acceptance, personal and corporate wallets.
    PremiumTelepay02/21/2013telepayural.ruLarge terminal network of the city of Yekaterinburg, payment acceptance
    PayPal RUPaypal03/13/2013paypal.ruPayment to the address of online stores (including eBay). In fact - the Russian representation of the American PayPal
    PayUPayu04/08/2013payu.ruThe integrator of various payment methods in online stores (international card payment systems and Russian electronic money)
    MOBI.MoneyMOBI.Money10/22/2013mobi-money.ruMobile payment system - payment for purchases on the Internet from a card or phone account.

    For clarity, the brands of credit organizations, the websites of these companies and the direction of activity (according to information from these sites) are also given.

    Below, for ease of perception of information, the brand will be used instead of the name of the credit organization.

    The peak of the emergence of national companies in the Russian electronic money market was in 2012. During the year, six payment NPOs appeared. Companies registered in 2012 will participate in the analysis of the electronic money market, since analytics will be carried out based on the results of work in 2013, and it would be incorrect to compare companies that worked all year with those that worked only part of the year.

    2013 financial results

    Compare our participants in terms of key performance indicators for 2013 (according to the financial statements submitted to the Central Bank of the Russian Federation).
    Coin.ruRBK MoneyMoney @ Mail.RuYandex moneyWallet OneDelta Kay
    Balance currency, thousand rubles146 951477 906207 4111 878 24832 41195,500
    Fee and commission income, thousand rubles277,875377,501136,4851,043,55710 42044,805
    Commission expenses, thousand rubles163 020366 01575 272304,2502,41018 022
    Net profit, thousand rubles3,2341,45717,52797 6041 8745,262
    Equity, thousand rubles (form 0409808)21 98819 11635 084115 59220,76120 610
    Bank capital adequacy ratio (H1.1)10 p.m.4.624.906.8197.0070.00
    Liquidity ratio (N15.1)146.60112.1145.20106.60305.40253.30

    Alignment of forces

    Yandex.Money is the most popular online payment service. The Yandex brand has been widely known in Russia for many years, which largely predetermined the fate of these electronic money. Commission income Yandex.Money exceeded 1 billion rubles, which indicates a large number of users of this system.

    RBK Money, Money @ Mail.Ru and Moneta.ru are also popular among the population. Their market share is 16.84%, 7.31% and 5.18%, respectively. At the same time, RBK Money has very high commission expenses, which entails a not high level of net profit. The capital adequacy and liquidity ratios of RBK Money also slightly exceed their minimum values.

    At the end of 2012, NPO “One Cashier” (brand “Wallet One”) and NPO “Delta Kay” were registered. The market share of Delta Kay by the end of 2013 amounted to 2.37%, which is a good result for the newly created company. Its net profit as of 01.01.2014 amounted to more than 5 million, which indicates the effectiveness of its activities. It is worth noting the high value of the mandatory ratios N1.1 and H15.1 (capital adequacy ratio and liquidity ratio), which characterizes NPOs as a stable and reliable company. By the end of 2013, the performance indicators of the Single Cashier NPO are not as optimistic as the Delta Kay NPO. Its market share slightly exceeded 0.5%.


    The net profit indicators of most companies are similar to the value of their market share in terms of the balance sheet currency. An exception is, as already noted, RBK Money, which, with 17% of the market share in the balance sheet currency, accounts for only 1% of the profit.


    The following is a comparison of compliance with liquidity and capital adequacy ratios by credit institutions. It is worth noting that at all credit organizations these indicators exceed the minimum standards established by the Central Bank of Russia.




    Dynamics - the first half of 2014

    Consider the activity of these NGOs in dynamics. The table below shows the main indicators for the 1st half of 2014.
    Coin.ruRBK MoneyMoney @ Mail.RuYandex moneyWallet OneDelta Kay
    Balance currency, thousand rubles154,869255,80895,689691 85040,095110 944
    Fee and commission income, thousand rubles100 044244 00277 594230 53527,09948,699
    Net profit, thousand rubles1 4626 530-13,07187,2856 03729,708
    Equity (Basel III)23,41225,82524,174135,48626,43450 559
    Bank capital adequacy ratio (H1.1)23.947.7332.827.8164.6582.38
    Liquidity ratio (N15.1)147.97117.84183.18107.64157.15415.03

    Change of balance of power

    You can see how the alignment of forces has changed in 2014. In the first two places Yandex.Money and RBKMoney continue to be confident. Money @ Mail.Ru fell by 5th place in terms of market share, while Delta Kay went up by 4 (its market share was 8.22%, and in absolute terms more than for the entire 2013), and Moneta.Ru - to 3rd place. It should also be noted a slight decline in the share of revenue of Yandex.Money NPOs, but this did not affect its leadership position.


    Net profit

    The main income that an NPO receives is commission income from all transactions conducted. The higher the level of commission income, the more transactions the company conducted during the reporting period, and accordingly - the higher the demand for its services.

    If we consider companies by the level of net profit for the first half of 2014, then the first three places were distributed as follows:

    1. Yandex.Money - 87 million rubles.
    2. Delta Kay - 30 million rubles.
    3. RBK Money - 7 million rubles.

    In this troika, it is worth noting Delta Kay, which in such a short period of time got into the first triplet along with such a giant as Yandex.Money, significantly outperforming RBKMoney in this indicator.



    One of the main indicators of the effectiveness of the organization has always been profitability. In this case, we consider the profitability of commission income, i.e. NPO profitability for the first half of 2014.

    The Chart shows that for the first half of 2014 The most effective was the Delta Kay NPO, whose profitability was 26.78%. Also, a high level of profitability should be noted with the Yandex.Money NPO and the United Cashier Non-Profit Organization.

    Money @ Mail.Ru in the first half of 2014 had a loss. This is all the more unexpected since the results of 2013 it was this NPO that had the highest rate of profitability.

    The low profitability of Moneta.ru and RBK Money is associated with a small net profit amid a rather high level of commission expenses.



    The growth of the electronic cash market is higher and higher every year, and according to forecasts for the next few years, this dynamics will only intensify. It should be noted that, along with giants such as Yandex.Money, younger companies are confidently entering the market, whose high growth rates help ensure healthy competition in the electronic money market.

    The article was prepared on the basis of cbr.ru and published in open sources of financial statements.

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