The share of non-cash transactions in Russia might exceed 70% by the end of 2020: the index has already reached 69% in the first six months of the year.

Izvestiya reports that the number and volume of non-cash transactions has been increasing since 2008, when the collection of statistical data only began. Russian Central Bank’s data shows that in 2018, the number of card payments for goods and services increased by 41%, rising from 17 to 24 billion transactions, and the total volume increased by almost 14%, amounting to RUB 47.6 billion.

In 2019, the indicators also illustrated stable growth: the number of payments grew by 35%, reaching 32 billion transactions, and the total volume increasing by 12.5%, reaching RUB 53.6 billion.

The Central Bank forecasts that the share of non-cash transactions in retail trade will continue to increase, also due to development and promotion of the Faster Payments System (FPS).



The system was launched in February 2019. At first, bank customers could use it to transfer money to each other by phone number. Later, the bank enable clients to make transactions to legal entities when paying for purchases, also with use of QR codes. In the future, the Central Bank plans to introduce transfers between legal entities and to the state, which will make FPS a platform for paying fines or taxes.

Globally, the number of non-cash transactions increased by almost 14% from 2018 to 2019, reaching 708.5 billion. It the fastest growth recorded in a decade, according to the World Payments Report by Capgemini. According to the report, the leader in these indicators was the Asia-Pacific region. The region owes its success to the spread of technology, the introduction of e-wallets, and the possibility to pay with mobile payments and use of QR codes.

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