The share of non-cash payments in the Russian economy in 2021 may grow to 75% - the maximum level for the entire observation period.

Moreover, by 2022 the indicator is capable of reaching 80%.

The specialists of the CloudPayments service told RT about this.

According to the company's experts, in recent years, Russians are increasingly abandoning paper money in favor of paying for goods and services by card or contactless.

In this regard, the share of non-cash payments in the country is constantly growing.

According to the Bank of Russia estimates, back in 2014, in the total volume of settlements in retail trade, electronic payments accounted for only about 25% of transactions.

Already in 2018, the indicator reached 53%, and in 2019 it increased to 64.7%.

According to preliminary estimates of the Central Bank, in 2020 the value exceeded 70%.

According to Dmitry Spiridonov, CEO of CloudPayments, the coronavirus pandemic and related restrictions have significantly accelerated the transition of Russian retail to cashless payments.

Thus, the introduction of quarantine measures and the transfer of many citizens to distance employment provoked a record growth in online commerce in the country.

“According to our data, the average daily turnover of online sales has doubled over the past year.

Even as restrictions eased, Russians' purchasing activity on the Internet did not decrease, and along with it the number of non-cash transactions continued to grow, ”Spiridonov said.

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The increased popularity of non-cash transactions among the population is also noted by credit organizations interviewed by RT.

Thus, according to the acquiring network of Russian Standard Bank, the total amount of purchases with cards of various banks in 2020 increased by 10% compared to 2019.

Most often, residents of Moscow and St. Petersburg paid for goods by non-cash method, representatives of the bank noted.

Moreover, in 2020, the share of card payment transactions in Russia for the first time over the entire observation period turned out to be higher than that of cash withdrawals.

The head of the acquiring department of VTB Alexey Kirichek told RT about this.

“Today, there are more than two bank cards for every Russian citizen, which means that for the population the card has become a convenient means of payment and is less and less used to withdraw cash from an ATM,” the specialist noted.

It is curious that in terms of the share of non-cash payments, Russia is noticeably ahead of a number of European countries.

Mark Goikhman, chief analyst of TeleTrade Group, spoke about this in a conversation with RT.

“For example, if in Sweden the share of non-cash in payments of the population is 98%, then in the Netherlands, Finland, Estonia it does not exceed 50%.

Many central banks believe that cash should also be in circulation, as this helps prevent adverse consequences in case of emergencies, ”the expert explained.

At the same time, according to him, non-cash payment accelerates the turnover of funds, reduces the overall costs of the monetary system and increases its efficiency.

In addition, people's payments are becoming more transparent.

This state of affairs provides an opportunity for a deeper analysis of transactions and prevention of shadow operations, says Goikhman.

Payment transition

As noted by financial market participants, in the coming years, the share of non-cash payments in Russia will continue to increase largely due to the development of contactless payment systems.

So, according to experts of Raiffeisenbank, for ten months of 2020 the average check of transactions paid using Apple Pay, Google Pay and other applications grew by 14%.

“The average spending per person in this category equaled the usual.

This suggests that this way customers pay not only for small purchases in a coffee shop or a convenience store.

Often this function is built into applications and websites of trading platforms, which allows you to speed up the purchase, ”the bank's press service noted.

According to Aleksey Kirichek, in the near future the share of payments using smartphones will grow at an accelerated pace and in 2021 in most categories it may reach 50% in the turnover of non-cash transactions.

At the same time, the further refusal of Russians from paper money will partly be associated with the growing popularity of the fast payment system (FPS).

This opinion was expressed in a conversation with RT by Pavel Sigal, the first vice president of the all-Russian public organization of small and medium-sized businesses "Support of Russia".

“Anti-epidemic measures have played in favor of the growth of the number of users of the system, since it helps to transfer money to relatives without commission and risk of infection, and also allows you to pay for purchases in the online trading segment,” Sigal emphasized.

Recall that the SBP was launched in early 2019 and allows customers of different banks to instantly transfer funds by phone number.

Since the launch of the service, Russians have made 142 million transfers totaling more than 1 trillion rubles.

Olga Skorobogatova, First Deputy Chairman of the Bank of Russia, announced this on January 28, writes TASS.

Note that the fast payment system allows you to pay for goods using special QR codes.

As the specialists of Promsvyazbank told RT, recently the service has become especially in demand in the field of online sales.

“The volume and number of such transactions has grown hundreds of times in 2020, and the figures will also increase in the future.

The increase in the share of transfers and a significant increase in the share of payments through the SBP is primarily associated with an increase in the number of banks that joined the system last year, as well as with the connection of large retail outlets and management companies to the SBP.

The trend will grow in the future, ”the bank's press service explained.

Experts also believe that further withdrawal from paper money may be associated with the emergence of the Russian electronic currency.

This opinion was expressed in a conversation with RT by Artyom Tuzov, executive director of the capital market department of Univer Capital.

In October 2020, the Bank of Russia presented a report on the creation and implementation of the digital ruble.

The project is expected to start working in experimental mode by the end of 2021.

“If the concept is implemented, the need for cash from businesses and consumers will be further reduced.

The new system will make transactions more convenient compared to cash payments, ”the analyst concluded.