Transformation of the global payment market to be discussed at SPIEF 2025

The St. Petersburg International Economic Forum 2025, which will be held from 18 to 21 June, will host a session titled ‘Are Payments Losing Value? The Transformation of the Global Payments Market’.

The participants will discuss the possibility of combining the efforts of all market players in a competitive environment to develop innovative services to meet consumer demands, the role of the payment system in the formation of a new environment for cooperation and the desire of companies to understand the wishes of the consumer. 

Speakers will pay special attention to the global trend of shifting from commission income to the monetization of additional services related to payments. The participants will explain what role BigTech has played in this and what this trend is related to. 

Dmitry Dubynin, CEO and Chairman of the Board of the National Payment Card System (NPCS), will take part in the session. He will discuss important issues of non-cash payments, focusing on innovations and their impact on the financial ecosystem: 

“It has already become clear to everyone that the future of the payment market is directly linked to the development and implementation of modern technological services. It is because of them players can compete for customers and public attention. However, in order to ensure the continuous development of the payment industry, it is critical to provide all parties with equal access to technology – only then will the industry develop harmoniously,” commented Dmitry Dubynin. 

Other topics of the session will include strengthening the role of digital ecosystems and creating a new space for competition through overlay services – technological add-ons that extend the functionality of payment platforms. 

Speakers will also look at strategies to effectively balance competition and cooperation, giving banks the opportunity to compete on an equal footing with BigTech. 

The session will be held as part of the thematic track ‘The Global Economy: A New Platform for Global Growth’. Organized by the Roscongress Foundation.