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News and resources on payments systems, innovations and initiatives worldwide.

Cashless payments are gaining pace according to Bank of Russia statistics

Source: Central Bank of the Russian Federation

According to the Bank of Russia's data, cashless transactions (such as payments for goods and services, card-to-card transfers, and transfers to a bank account or a deposit) comprised over 90% of bank card operations of Russian nationals during the first half of this year.

These operations dominate the market by volume as well accounting for 68% of total transactions.

In January-June 2019, individuals used their bank cards 19.2 billion times for a total amount of over 40 trillion rubles.

The number of issued active cards (used to perform at least one transaction during the reporting period) was almost 183 million as of the end of June, which is 8% more than during the respective period of the previous year.

The level of payment infrastructure coverage available to the population grows each year. As of 1 July 2019, there were 21,000 of payment card terminals per 1 million people.

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