Cashless transactions in Russia soar 30-fold from 2010 to 2018

Cashless transactions in Russia soar 30-fold from 2010 to 2018
The number of cashless transactions in Russia soared 30-fold from 5.8 to 172 on average per person between 2010 and 2018
By bne IntelliNews October 3, 2019

The number of cashless transactions in Russia soared 30-fold from 5.8 to 172 on average per person between 2010 and 2018, RBC business portal and Kommersant daily reported on October 3 citing the study by the Boston Consulting Group (BCG) that sees the development of electronic payments systems in Russia as "phenomenal".

As reported by bne IntelliNews, the volume of cashless transactions at RUB48 trillion ($73.6bn) was almost double the amount of withdrawn cash in 2019, according to the data by the Central Bank of Russia.
In the reporting period of 2010-2018 Russian cashless market outgrew all other European peers, the BCG study shows.

BCG believes that Russian consumers have leapfrogged the traditional development of payment means, as Russia is also Europe's largest market for e-wallet transactions and the global leader for protected tokenised transactions.

Adaptation of contactless payments such as Apple Pay and Samsung Pay was more successful in Russia than in other territories.

 

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