Inkasstor Services (Russian Market)

Chronicle

2024: Collectors in Russia have sharply less work due to 30 million rubles of free transfers of Russians to themselves

On August 12, 2024, it became known about a significant reduction in the load on collection services in Russia. This happened after the law came into force on May 1, 2024, allowing free transfers between their own accounts within ₽30 million.

According to RBC, the chairman of the board of the Russian association of collectors "Rosinkas" Vasily Medvedev reported a decrease in the number of collections of collectors by about 30% compared to the beginning of 2024. This is directly related to a decrease in the volume of cash transported and, accordingly, a decrease in the company's revenue.

source = Sberbank

The new law allows bank customers to make free transfers between their accounts through mobile applications, personal account by account number or through the Fast Payment System (FPS) by phone number. Previously, such transfers were limited to ₽100 thousand per month and only through the SBP.

The Bank of Russia notes that these changes contribute to the development of competition between banks and reduce operational risks for citizens. According to the Central Bank, in the second quarter of 2024, Russians made almost 2.3 billion transfers through the SBP for a total of ₽13,4 trillion. This is 27% more in number and 47% in volume compared to the first quarter.

Despite the general trend, not all banks note a decrease in collection activity. Representatives of Sberbank, VTB and Promsvyazbank said they had not recorded significant changes in the work of their collection services. However, Дом.РФ Bank notes an increase in incoming transfers by more than half and a slight decrease in the burden on collection services.

Due to the changed situation, Rosinkas is forced to revise tariffs for commercial customers. Vasily Medvedev noted that the company plans to complete the transition to a new tariff policy by mid-2025. In this case, the cost of services will be calculated individually for each client, taking into account various parameters.

According to the Bank of Russia, as of July 1, 2024, the volume of cash in the country amounted to ₽17,76 trillion, which is ₽557,7 million less than at the beginning of 2024.^[1]

2023: The volume of the Russian market for collection services for the year decreased by 9% to 20.9 trillion rubles

In 2023, the volume of the Russian collection services market amounted to approximately 20.9 trillion rubles. For comparison, a year earlier, the turnover was estimated at 22.8 trillion rubles. Thus, the fall was almost 9%. This is stated in a study by BusinesStat, the results of which were released on July 8, 2024.

It is noted that the collection market in the Russian Federation is undergoing a significant transformation. Leading operators are striving to adapt the model of the company's functioning to the changes that are taking place. The consolidation of the industry is also due to the high level of costs of this business. Compliance with safety standards requires a large amount of expenses, including the purchase of specialized equipment, equipment and training of personnel, etc.

According to estimates, in 2019 the turnover of the collection market in Russia amounted to approximately 30.6 trillion rubles, an increase of 3.1% compared to the previous year. The growth was facilitated by the entry into force of the Federal Law of the 54-FZ "On the Use of Cash Registers," which obliges all organizations to switch to a new scheme for using online cash registers. The law caused an increase in the number of users of online cash registers among representatives of small and medium-sized businesses, thanks to which the indicators of revenue legalization increased.

However, after 2019, the volume of the Russian collection services market declined. In 2020, turnover decreased by 22.4% - to 23.8 trillion rubles. In 2021, a drop of 0.3% was recorded with a final result of 23.7 trillion rubles, and in 2022 the volume decreased by another 3.8%.

It is also said that during 2019-2023 the number of large collection companies in the Russian Federation decreased. This is due to the fact that competition in the market, including with banks whose collection costs "dissolve" in the total costs of the client, led to the establishment of tariffs below the cost of the service.^[2]

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