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By 2025, 90% of payments in Russia will be cashless – Visa

  • Russia is moving towards total digitalization

  • Banks intend to strengthen the issue of digital cards

  • The regulator develops a digital foothold for small and medium-sized businesses

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In the next three to four years, 90% of payments in Russia will be non-cash, says the head of Visa

The market of cashless payments in Russia in the next three to four years will grow to 90%.

By 2025 90% of payments in Russia will be non-cash - Visa

This opinion was expressed in an interview with RBC by the CEO of the Visa payment system in Russia Mikhail Berner.

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Berner believes that Russia has already made a significant breakthrough in the payments market as part of digitalization of payments.

“If you look at the world experience and other countries, it is absolutely certain that this share can reach 90%,” added Berner.. 

The head of Visa notes that not all resources are used in the domestic.

By 2025 90% of payments in Russia will be non-cash - Visa

At the same time, further transition to non-cash payments may slow down slightly compared to previous indicators..

Digital foothold

The success of the Russian market in the race to digitalize economies was previously announced by the President of Mastercard Europe, Mark Barnett.

By 2025 90% of payments in Russia will be non-cash - Visa

According to Mastercard research, Russia ranked first in Eastern Europe in terms of the popularity of contactless payments. At the same time, the head of Mastercard in Russia, Alexey Malinovsky, believes that in the next few years, an electronic payment system for the B2B sector will rapidly develop in Russia..

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Regulators also keep pace with the transition to digital.

By 2025 90% of payments in Russia will be non-cash - Visa

BeInCrypto editors reported, that the Ministry of Economy plans by the end of 2021 to digitize support for small and medium-sized businesses within the framework of the “one window”. The authorities will also form the so-called “digital reputation” index, which will automate the approval of applications from businesses for state aid.

Moreover, more than half of Russians are not ready for financial independence. According to the NAFI survey, more than half of domestic respondents (51%) are of the opinion that it is the bank that should be responsible and compensate for the damage from fraud associated with bank cards.

Sberbank and VTB, meanwhile, plan to digitize up to 50% of plastic cards by 2023. In the second half of 2020, 284.8 million bank cards were issued in Russia, according to the Central Bank of the Russian Federation. At the same time, according to the company Nilson Report, by the end of 2019 Sberbank issued 145.6 million cards..

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