“Pure price discrimination”: the director of Alfa-Bank pointed out unfair competition with the markets

According to Verkhoshinsky, a system in which control is exercised only over systemically important banks creates risks for the entire industry.

The director of Alfa-Bank cited research data according to which many clients choose Ozon Bank because of the availability of discounts on the market.

“83% of clients want to go to Ozon Bank because there is a discount, pure price discrimination. <...> It is difficult to say whether this is fair or not, it seems to me that if not the letter, then the spirit of the law, this is contrary to the rules of payment systems,” RBC quotes Verkhoshinsky.

Representatives of the Central Bank also participated in the SPIEF round table. They noted that the main attention the regulator pays to banks and markets is related to financial stability.

“The issues of cashback, commissions or percentages for the markets are matters of competition. And perhaps these are issues that are beyond our competence,” said Vice President of the Central Bank of the Russian Federation, Alexei Guznov.

Verkhoshinsky, among other things, noted that if an unprofitable company has its own bank, the Central Bank will close it and recalled the case of Qiwi Bank, whose license was withdrawn in February 2023.

Another argument of the head of Alfa-Bank is that the funds stored in the wallets of online platforms are not insured by the Deposit Insurance Agency, unlike bank accounts.

For his part, the general director of Ozon, Sergei Belyakov, stated that 40% of the market’s customers pay for their orders outside the online platform. He also noted that systemically important banks, like others, are developing their loyalty programs, offering their customers discounts, rebates and other incentive options.

Tatyana Bakalchuk expressed solidarity with Sergei Belyakov and cited data that a significant part of Wildberries clients do not use wallets at all.

“Our proportion of purchases that are not made through electronic wallets is 70% and I do not think this proportion will change much. I think accusing ourselves of doing something in order to create a non-competitive advantage over others is a mistake. In general, I am in favor of peace, friendship and chewing gum,” Bakalchuk summarized.