Share
June 12, 2020 Digital payments in Russia are close to 70%, the trend due to the increase in online purchases and the development of contactless payments with smart cards and smartphones. However, the biggest push to give up cash is due to the Covid-19 pandemic. Despite the guidelines issued by the Russian Central Bank, which recommended banks to disinfect the ATMs and the assurances of the State Mint that antiseptic substances are added to banknotes during printing, citizenship preferred to give up cash to protect themselves against the risk of infection. In addition, the pandemic has pushed online commerce, a sector where sales during self-isolation have grown 3-5 times and where purchases can only be paid digitally. Another incentive for Russians in the case of digital payments is the possibility of having a cashback, that is, a refund on the card of a part of the expense, several bonuses and discounts for card payments and particularly advantageous conditions of access to consumer credit . According to some experts, by the end of the year digital payments in Russia will reach 75% of the total.Russia, soaring digital payments for Covid-19
2020-06-12T17:38:04.682Z
Digital payments in Russia are close to 70%, the trend due to the increase in online purchases and the development of contactless payments with smart cards and smartphones. However, the biggest push to give up cash is due to the Covid-19 pandemic. Despite the guidelines issued by the Russian Central Bank, which recommended banks to disinfect the ATMs and the assurances of the State Mint that antiseptic substances are added to banknotes during printing, citizenship preferred to give up cash to protect themselves against the risk of infection. In addition, the pandemic has pushed online commerce, a sector where sales during self-isolation have grown 3-5 times and where purchases can only be paid digitally. Another incentive for Russians in the case of digital payments is the possibility of having a cashback, that is, a refund on the card of a part of the expense, several bonuses and discounts for card payments and particularly advantageous conditions of access to consumer credit . According to some experts, by the end of the year digital payments in Russia will reach 75% of the total.
Source: rainews