Advanced technologies stimulate cashless transactions

The Central Bank reports cash withdrawal volume decrease and cashless transaction volume increase. Experts attribute this trend shift seen this year to the advanced technologies being implemented in the industry. 

In December, the Central Bank published statistics on transactions carried out using bank cards for 9 months of 2017. For the first time in ten years, bank clients withdrew less money than before. Three quarters of 2017 saw citizens withdraw more than 18.7 trln roubles, which is 300 bln less than the corresponding three quarters last year. The number and volume of cashless transactions continued to grow. In these three quarters of 2017, citizens used their cards almost 13 bln times to pay 11.4 trln roubles, which indicated a 31% increase, compared to last year. The average purchase amount made up 891 roub., compared to the result of 940 roub. Last year. "It suggests that bank cards are becoming a more popular way of making routine purchases", say the Center Bank representatives. 

According to the Central Bank, the total amount of bank cards for individuals made up 265 mln pcs. (as of October 1, 2017), which means the figure increased by 6.2%. The number of debit cards made up 236 mln pcs., whereas the number of credit cards was 31.3 mln pcs. The number of active payment cards for individuals which were used to pay at least once made up 150.1 mln pcs. 

Major bank representatives confirm that less money is being withdrawn, and more and more people are choosing cashless transactions. 

"In the past year, our card trading volume increased by about 30%, and its share in the total trading volume increased by 6%", says deputy head of the VTB retail product department Yulia Demnyuk. "There are more clients using cards, and the average trading volume per client is also growing". 

The Russian Standard Bank chairman of the executive board Alexander Samokhvalov said that the share of contactless payments increased to 13.22% in October 1, 2017, from 4.15% in December 2016. 

Bankers are sure that Russian citizens have finally realized what advantages bank cards offer in comparison with cash.

Credit Bank of Moscow announces the market launch of “tap and go” payment rings
By means of this accessory you can pay for your purchases through a payment terminal with contactless technology of payment. When your purchases exceed 1000 roubles, you will be required to enter your PIN-code.
PayRing Newsletter Subscription Feature Implemented
Now you have an opportunity to read PayRing news not only on the project Facebook page, but also in the newsletter that is sent to your email. To subscribe to our newsletter, enter your name and email in the subscription form found in the website footer section.
PayRing Smart Ring Design Catalogue Introduced
The catalogue features three collections: Saturn, or ceramic rings (15 designs), Jupiter, or titanium rings (3 designs), and Neptun, or gold and silver rings (3 designs). The catalogue will be expanded, and the new models are going to hit the market soon.