Assessment of the State’s Payment Sovereignty

The current discussions on the definition and development of the state’s payment sovereignty in the context of geopolitical instability and fragmentation of the global economy determine the relevance of theoretical and empirical analysis of payment sovereignty. The purpose of the study is to develop theoretical and practical foundations for assessing the state’s payment sovereignty using Russia as an example. To achieve this goal, the study used theoretical methods of analysis and synthesis, the systematization method, as well as empirical methods: the comparison method, the method of analyzing the dynamics of time series, the structural method. The study found that the concept of «payment sovereignty» is not limited to the independence of the state from the payment card systems of other countries, but is a system that integrates technological, infrastructural, monetary and energy components for the purpose of economic growth based on the implementation of the potential of sustainable financial development of the state. The study proposes a methodology for assessing the payment sovereignty of the state, which suggests systematizing the existing statistical indicators of the development of the payment sphere by the components of payment sovereignty: technological, infrastructural, monetary and energy. Based on the results of the study conducted using the proposed methodology, it was concluded that the development of the payment sovereignty of the state as a system of interrelated elements is based on the disclosure of the potential of each of its components and implies the need for further formation of financial market institutions. The study may be useful both for specialists in this field and for regulatory and supervisory authorities. Further research on this topic may focus on a broader analysis of indicators of technological, infrastructural, monetary and energy components of payment sovereignty as the existing statistical base expands.

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