The buying habits of Russians are changing, cash withdrawals are getting less and less, and electronic wallets are being used for one-time purchases. What else is remarkable about the cashless payment market in Russia – in research by Bloomchain.
Read or download the Bloomchain study “Cashless payments 2020”
Residents of Russia began to withdraw cash less often and more often to pay for purchases using payment cards. Over the past 7 years, the share of cash withdrawals has fallen by nearly 60 p.m. up to 7%, the average size is 9.3 thousand rubles. In contrast, payment by card for goods and services accounts for up to 80% of transactions by check an average of 850 rubles. However, this distribution by volume of operations looks different.
Last year, customers withdrew about 29 trillion rubles in cash from their cards, and bought 28 trillion rubles of goods and services. The Bank of Russia itself talks about this proportion. More detailed Central Bank statistics allow you to analyze another important type of transaction – card-to-card transfers. Last year, the volume of such and other transactions exceeded 35 trillion rubles, that is, it became even more significant compared to the first and second types of transactions.
Shopping habits change. The ratio of the volume of all transactions made using cards to the income of the population has almost doubled and exceeded 90%. Nearly half of transactions are related to payments for goods and services. Card transactions account for about 60% of retail turnover. This figure has tripled in just 5 years.
In terms of customer experience, bank cards are the most popular online payment method among Russians. However, every tenth respondent answered that he had never paid by card in a year. Nearly half of respondents use contactless payments to make purchases.
The cashless p2b and p2p turnover industry goes online. More than a quarter of open accounts at the start of the year had remote access, almost all with Internet access. The number of active e-wallets in Russia has more than double the number of cards. Nevertheless, transactions with wallets are carried out almost 15 times less frequently, and the total volume of transactions in them is 46 times less than for the same indicator for cards.
Almost all electronic payment instruments for electronic money transfer (that. e-wallet) is not personalized and has serious limits on the number of transactions. It can be assumed that electronic wallets are used for one-time purchases on the Internet to secure their primary means of payment.
Nearly half of NAFIs surveyed regularly pay for goods and services online. Over the past 4 years, this indicator has increased by 41 percentage points. Finally, one-fifth of Russians for the year (September 2018-September 2019) did not visit the offices of financial organizations to solve problems, but used long-distance communication channels.