Access your Pro+ Content below.
Russians using less cash after accelerated use of electronic payments
This article is part of the CW Europe issue of December 2018-February 2019
A recent study by Sberbank, Russia’s largest state-run lender, shows the country has experienced a cashless payment boom over the past decade. Bankers say the trend is set to continue, fuelled by advanced technology adopted in the finance sector. According to Sberbank’s study, in 2017, the share of cashless payments in Russians’ total spending on goods and services climbed to 39%, from a tiny 4% in 2008. The growth continued into 2018, and in the first quarter of this year, cashless accounted for 45% of all payments, Sberbank said 2.3 million point of sale (POS) terminals currently accept cards at 1.6 million retail outlets. While in the late 2000s, cashless payments were confined to the country’s biggest cities, now there is almost no disparity in availability of cashless payment across Russia’s far-flung regions. “The level of card payment penetration always depends upon the relevant infrastructure at point of sale,” says Alexei Okhorzin, director of the retail product department at Credit Bank of Moscow. “Unfortunately, even ...
Access this CW+ Content for Free!
Features in this issue
Russians are increasingly using electronic payments rather than cash, a recent study by Sberbank has found
An EU-backed push to curb European datacentre energy use has proven to be a divisive issue, as debate rages over the usefulness of using idle energy to determine the overall efficiency of servers
Four Russian intelligence officials were expelled from the Netherlands after an attempted hack on the global chemical weapons watchdog. The Dutch government has been open about the detail