The total volume of electronic payments in Russia increased 22.1% per year on average in 2010-2018, the U.S.-Russia Business Council reported, citing a new study on the global e-payment industry. Russia shows the largest increase among the 58 markets included in the study.
The number of electronic transactions per person per year increased 30 times in Russia from 5.8 in 2010 to 172 in 2018, more than in any other European country. In 2019-2028, the volume of e-payments in Russia is expected to increase 11.8% annually, double the 5.9% global average increase forecast.
The report said that many banks in Russia encouraged customers to switch to cashless transactions by creating extensive networks of advanced e-payment terminals throughout the country and investing in broad awareness campaigns. Since many Russian consumers had been unfamiliar with “traditional” retail banking due to Russia’s previously underdeveloped banking infrastructure, many Russians have adapted to mobile banking and other advanced financial technologies more quickly than many European consumers, the report said.