Non-cash expenditures of Russians for the first time exceeded cash expenses

Moscow, 31 Jan – “News.Economy.” Non-cash expenses of Russians in the fourth quarter of 2019 for the first time exceeded spending in cash, according to a study of the savings Bank.

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Sberbank in the framework of the project “Sardunya” (the initiative of the Bank for the analysis and processing of big data) analyzed the development of cashless payments in Russia. In the fourth quarter of 2019, more than half of goods and services in our country was first paid cashless. The share of such payments amounted to 50.4% of the total expenses of citizens. This is 4.5 percentage points higher than in the fourth quarter of 2018.

According to analysts “Smetannik”, in 2020, the threshold of 50% will also be overcome. Such estimates are supported by statistics of the Bank of Russia. Calculations based on data of the Central Bank for the first nine months of 2019 to give an estimate of 48.6 per cent. If we consider all expenditure transactions on the cards, i.e. payment of goods and services to add transfers (p2p), the share of cashless transactions in the total volume will increase to 68.8%.

In the regions around 50% today, it is not an outstanding achievement: in the fourth quarter of 2019. the level was exceeded in 36 Russian regions, and the Murmansk region taken new height — 60%. In all probability, next year your card will be the preferred method of payment in most parts of the country.

the top 10 regions has not changed in comparison with the third quarter of 2019 and the end of the year. A leader in the growth share account was Chukotka with a rate of 7.7 percentage points in comparison with IV quarter of 2018, Chukotka is in the top 10 most “cashless” areas. However, the vast majority of areas with fast growth rates are not the leaders in terms of penetration. It is a sign of the continuing rapid and widespread growth in the use of card payments in Russia.

In the largest cities, the penetration is expected to be more significant than in the regions themselves. In Syktyvkar, Petrozavodske, Apatity, Ukhta and Severodvinsk for more than 60% of purchases are paid for without the involvement of cash. By the end of 2019, the inhabitants of these settlements, on average, prefer payment by card: indicators amounted to 50.2% and 51.3% for the full year and fourth quarter, respectively. At the same time Moscow (53,7%) and Saint Petersburg (54,6%) until you reach the leaderboard and take the 30-th and 19-th place in the ranking of the most “non-cash” cities in the country. Text: News.Economy