The Russian market could see its first fully domestic payment terminal as soon as 2024, a development reported by a prominent business daily citing the product director of Element-Technologies, a company behind the device. The claim places Russia on a trajectory to reduce dependence on foreign hardware in critical financial infrastructure and to foster local tech manufacturing capabilities. According to the source, the initiative aims to introduce a complete, ready-made solution within the coming year, signaling a deliberate push toward domestic innovation in payments technology.
The plan involves rolling out a diversified product line that will cover traditional point-of-sale terminals, Android-based solutions, and embedded equipment tailored to various banking and retail needs. It is suggested that Element-Technologies has already secured engagement with a major Russian bank and reached an agreement on supplying terminals, underscoring the potential for rapid adoption within the sector.
Details on the local production footprint of Element-Technologies devices remain scarce. However, the publication notes that the regulatory framework in Russia’s Ministry of Industry and Trade accommodates the production of POS terminals in other countries, such as China, while still allowing recognition as a Russian-made product. This nuance highlights how policy can influence the categorization and acceptance of domestically produced payment hardware in a shifting global supply chain.
Industry experts interviewed by the publication estimate the Russian payment terminal market at roughly 80 to 90 billion rubles, a sizable arena given the current economic climate. The exit of several large foreign retailers from the Russian market has created a window of opportunity for domestic manufacturers, with annual sales in the vicinity of several hundred thousand to around one million terminals. The evolving landscape could accelerate local research and development, strengthen domestic manufacturing ecosystems, and potentially reshape procurement strategies for banks and large retailers that rely on POS infrastructure.
In the broader tech narrative of Russia, this move to domestic payment terminals sits alongside prior domestic software and simulation projects, illustrating a continuing pattern of local developers seeking sovereign capacity across high-technology domains. While the path to full localization may encounter regulatory and supply-chain challenges, the momentum behind such initiatives reflects a strategic ambition to build homegrown capabilities in essential financial services technology.