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Russia leads in CIS banking digitalization

Credit: Valeriy Melnikov | RIAN

Russia has become a leader in banking services digitalization across the CIS, thanks to an increasing number of smart phones and online banking apps, Moody’s reports.

According to Moody’s, Russia will maintain its leading position in the nearest future. Specifically, online banking and electronic payments are extremely common in the country, TASS reports. Russians also widely use credit and debit cards due to high availability of payment terminals at points of sale.

CIS countries are lagging behind developed countries when it comes to online banking. Despite the fact that the majority of CIS residents have more mobile SIM cards per capita than EU residents, this has not resulted in wider internet usage. Last year, Deloitte Digital reported that Russia is in the top five of the countries with the most advanced digitalization of banking services.

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