More and more Russian citizens are opting to use cards instead of cash. In terms of card transactions growth, Russia is ahead of all European countries, the management consulting company Boston Consulting Group (BCG) has found.
In 2010-2018, the annual number of card transactions grew from 5.8 to 172 per person, RBC business daily reported citing BCG’s report which calls this increase ‘phenomenal.’ The company also reported a growth in the payment volumes of over 22% during the period. Experts are optimistic saying the average non-cash payments will increase in Russia by almost 12% between 2019-2028.
BCG also forecasts further growth in card payments in the European region, with Russia remaining the main driver. According to the company experts, the increase will amount to nearly 6% per year.
Among the key factors for Russian ‘digital miracle,’ experts cited cheap retail financing and substantial investments in technology.
Interestingly, back in 2010 Russia was among top countries whose residents chose cash over cards.