Russians rarely withdraw money from their bank cards now, preferring non-cash payments and transfers, according to the Bank of Russia data for the first quarter of 2020.
Card transactions became more popular than cash withdrawals in the fourth quarter of 2019. The total volume of non-cash transactions in the first quarter of 2020 increased by 30% compared to the same period last year.
The total volume of bank card transactions reached RUR 23 trn ($335 bln), with cash withdrawals accounting for 27.8%, payments for 30.5%, and transfers for 41.7%, RBC reports.
Experts have noted a steady increase in non-cash payments in recent years. The coronavirus pandemic may also be affecting the popularity of electronic payments, as banknotes are believed to be a source of contamination.