Digital outstripping: due to which the share of non-cash payments in Russia is increasing

From January to September 2021, the share of contactless payments when paying for goods and services in Russia reached a record 70.4%.

A year earlier, the corresponding value was 67.1%.

This was announced on Thursday, December 9, by the head of the department of the national payment system of the Central Bank, Denis Baryshkov.

“Russia is the world leader in terms of the popularity of contactless payments among residents.

About 80% of consumers use them on a regular basis.

Russia has also become one of the leaders in digital banking, overtaking the United States, ”Baryshkov said during the VIII National Payment Forum.

According to the representative of the Central Bank, 170 million transactions are performed daily with cards issued by Russian banks.

Over the past year, the number of such transactions has grown by 37 million.

“Russia is the only developing economy noted by experts as approaching a cashless society.

According to the forecast of the same experts, card payments in the Russian Federation will continue to grow at an outstripping pace, and in the next ten years we will overtake the United States, Great Britain and the European Union in terms of the number of non-cash payments per capita, ”Denis Baryshkov emphasized.

According to him, from January to September 2021, the total share of non-cash payments in Russia rose to a record 72.6%.

Moreover, in October, the value continued to increase, and at the moment three quarters of settlements in the country are carried out without using paper money.

This was previously reported by the first deputy chairman of the Central Bank Olga Skorobogatova.

“We now have 75% non-cash, only 25% cash.

And no one will do the reverse, because we are all used to using non-cash (payments. -

), "Skorobogatova noted.

As follows from the materials of the Central Bank, back in 2013, in more than 86% of cases, Russians paid for their purchases in cash.

However, already in 2018, less than half of all transactions were carried out using banknotes, and in 2020 the share of paper money in retail turnover dropped below 30%.

“After the collapse of the USSR, in the issue of the transition to digital payments, Russia essentially started from the zero base, which allowed it to increase the share of non-cash payments faster than in developed economies.

In addition, the country's authorities are trying to increase the transparency of financial transactions and are making every effort to ensure that businesses digitize payments, "Ksenia Artemyeva, the operational director of the Fast River fintech platform, explained in an interview with RT.

It is curious that in 2010 the volume of card transactions per capita in Russia was one of the lowest in the world.

According to this indicator, the country lagged 40 times behind the world leader - Norway.

However, ten years later, Moscow has reduced the gap to 1.5 times.

This is stated in a study by the international consulting company The Boston Consulting Group (BCG).

"New realities"

Earlier, experts from the Central Bank predicted an increase in the share of non-cash payments to 75% only in 2023.

However, the process has accelerated dramatically against the backdrop of the coronavirus pandemic.

According to BCG analysts, in 2020 Russia became one of the five leading countries in the world in terms of the rate of population refusal from cash.

The country lost ground only to Great Britain, Canada and Australia.

“The pandemic has had a powerful impact on all areas of life and has given rise to digital technologies that are helping to cope with change and improve security.

Russian consumers reacted to the new realities instantly, ”said Max Hauser, Managing Director and Partner of BCG.

Against the background of the spread of coronavirus in Russia, the online trading market has grown significantly.

So, in 2020, the volume of sales of goods on the Internet increased by 59% - up to 3.22 trillion rubles.

Moreover, by the end of 2021, the figure may exceed 3.55 trillion.

This is evidenced by the materials of the Association of Internet Trade Companies (AKIT).

“We are seeing explosive growth in e-commerce, which has become a serious competitor to traditional offline commerce.

In addition, the number of physical offices of banks and ATMs is decreasing in the country.

All this contributes to an increase in the share of non-cash payments, "said Natalya Milchakova, deputy head of the Alpari information and analytical center, in a conversation with RT.

Speed ​​and benefit

In addition, experts say that one of the main reasons for the refusal of Russians from banknotes is the convenience of cashless payments.

So, according to Ksenia Artemyeva, paying for purchases by card or mobile phone is faster and often more profitable than cash.

“This is due to the widespread use of pay-services in Russia and loyalty programs from banks.

Sellers, in turn, reduce the costs of collection and receive, as practice shows, an increase in trade operations, "- said Artemyeva.

Pavel Sigal, the first vice-president of the all-Russian public organization of small and medium-sized enterprises "Support of Russia", adheres to a similar point of view.

According to him, the increase in the share of non-cash payments not only positively affects the work of business, but also contributes to an increase in state budget revenues.

“As transactions become more transparent, it becomes more difficult to hide the amount of revenue, which results in increased tax collection.

It is possible that in 2022 the share of non-cash payments in Russia will reach 80%.

The launch of the digital ruble can strengthen the current trends, "Pavel Sigal said in an interview with RT.

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Note that the Bank of Russia plans to begin the first tests of a prototype platform for the digital national currency in early 2022.

As previously noted by the specialists of the Central Bank, in the future, the new means of payment will circulate along with cash and non-cash rubles.

Let us clarify that the Central Bank issues cash in the form of banknotes, each of which has a unique number, and non-cash rubles are entries on accounts in commercial banks.

In turn, the regulator will assign the digital ruble the form of a unique code that will be stored in a special electronic wallet.

“The digital ruble as a whole is capable of questioning the existence of the traditional cash.

Also, if the state is engaged in its development, it will also be engaged in the implementation and pumping of the payment infrastructure, which will only increase the availability of non-cash payments, ”concluded Ksenia Artemieva.