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| Russia sees record share of cash-free transactions as it moves closer to cashless society | Russia sees record share of cash-free transactions as it moves closer to cashless society |
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| The proportion of cashless payments reached a record high in the first quarter of this year, Russia’s largest lender, Sberbank, has revealed. Meanwhile, the central bank is eyeing even more cash-free transactions. | The proportion of cashless payments reached a record high in the first quarter of this year, Russia’s largest lender, Sberbank, has revealed. Meanwhile, the central bank is eyeing even more cash-free transactions. |
| According to Sberbank data, the share of non-cash spending among Russians surged to 59.4% in the first three months of 2021, setting a new all-time high. Cash-free sales were up 3.5% quarter-on-quarter and 6.3% compared to a year ago. | According to Sberbank data, the share of non-cash spending among Russians surged to 59.4% in the first three months of 2021, setting a new all-time high. Cash-free sales were up 3.5% quarter-on-quarter and 6.3% compared to a year ago. |
| The first quarter usually sees a growth in non-cash sales, but this year’s increase was still the biggest since 2018, exceeding even the growth rate during the first wave of the coronavirus outbreak, the bank noted. | The first quarter usually sees a growth in non-cash sales, but this year’s increase was still the biggest since 2018, exceeding even the growth rate during the first wave of the coronavirus outbreak, the bank noted. |
| “The higher share of non-cash sales should not be attributed to a temporary change in consumer preferences amid the pandemic,” Sberbank said in its research. The analysts at the bank added that the Covid-19 could have led to a new consumption pattern, with even more conservative part of the population turning away from cash. | “The higher share of non-cash sales should not be attributed to a temporary change in consumer preferences amid the pandemic,” Sberbank said in its research. The analysts at the bank added that the Covid-19 could have led to a new consumption pattern, with even more conservative part of the population turning away from cash. |
| People in some Russian regions are getting rid of cash faster than in others. Sberbank statistics show that more than 65% of transactions in eight northern regions were non-cash, while the leader among all Russian regions was Nenets autonomous district in the Arctic, which beat its earlier record with 72.8% in non-cash transactions. | People in some Russian regions are getting rid of cash faster than in others. Sberbank statistics show that more than 65% of transactions in eight northern regions were non-cash, while the leader among all Russian regions was Nenets autonomous district in the Arctic, which beat its earlier record with 72.8% in non-cash transactions. |
| For the whole of last year, the share of cashless payments amounted to around 70%, according to Russia’s central bank. The regulator now wants to increase the share of non-cash transactions to 75% by 2023, it said earlier this week. However, it acknowledged that this would not be an easy task. According to First Deputy Governor Olga Skorobogatova, every percentage point after the 70% level is harder to gain due to the specifics of the development of cashless payment instruments. She added that it took many countries more time to climb from 70% to 80% in cashless transactions than it did for them to get to the 70% level. | For the whole of last year, the share of cashless payments amounted to around 70%, according to Russia’s central bank. The regulator now wants to increase the share of non-cash transactions to 75% by 2023, it said earlier this week. However, it acknowledged that this would not be an easy task. According to First Deputy Governor Olga Skorobogatova, every percentage point after the 70% level is harder to gain due to the specifics of the development of cashless payment instruments. She added that it took many countries more time to climb from 70% to 80% in cashless transactions than it did for them to get to the 70% level. |
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