MainMarket in Brief


Russia entered the top 5 countries in terms of the pace of transition to cashless payments

October 6, 2020, 10:45 (UTC+3)|

According to “Global Payments 2020: Fast Forward into the Future” report prepared by Boston Consulting Group (BCG) analysts, Russia entered the top 5 world leaders in terms of the speed of transition to non-cash payments during the pandemic.

Analysts calculated the net change in consumer cash payments, derived the following way: the proportion of consumers who used cash more frequently during the pandemic minus the percentage of consumers who used it less. In Russia it was estimated at -48%, only Great Britain (-62%), Canada (-59%) and Australia (-53%) are ahead of Russia in terms of this indicator.

According to the Bank of Russia, in the second quarter of 2020 the proportion of non-cash payments increased to almost 70% - this amount of non-cash payments was expected by the Central Bank only at the end of 2020.

Original (in Russian)


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