Russians are increasingly using electronic money; however, the amounts per transactions have become lower. The number of transactions increased by 110% over the past year, with an average amount of RUR 6,700 ($102) per one transfer.
According to Yandex.Money and the data provided by several major banks, Russians are increasingly using instant money transfer; however, the average amount per transaction is now significantly lower. The majority of money transfers were carried out using a banking app for smart phones. The total worth of all the instant transfers over the previous year is not available but the Central Bank estimates that between January and October Russians transferred around RUR 19 tio ($289.6 bio). Far East residents are most frequent users of instant transfers, with a 47% increase in the number of transactions and an average of RUR 2,500 ($38) per transaction. Central Federal District resident transfer RUR 3,300 ($50) on average, which is the largest amount per transaction, Izvestia reports.
Experts comment that it is not a coincidence that the instant transfers are becoming so popular since they are faster, more convenient and secure. Mobile apps are now fully protected from interference.