Visa estimates the benefits from cashless economy
Roubini ThoughtLab, a research firm, carried out a global study Cashless Cities to the order of the Visa company. The study revealed that cashless economy has great potential in our society. The benefits of mass e-payment technology adoption in Moscow and St. Petersburg alone can account to as much as 580 billion roubles a year. read
China UnionPay, the largest payment system in the world, hits the European market
China UnionPay, a Chinese payment system which is the largest credit card issuer in the world, is preparing for issuing their cards in Great Britain. As a British newspaper Financial Times reports, it can be the first step of the Chinese company’s expansion into Europe and of spurring the competition with Visa and MasterCard. read
Sberbank presents its “Rating of Russia’s Cashless Regions and Cities”
Sberbank has presented its “Rating of Russia’s Cashless Regions and Cities.” This is the first research of its kind ever conducted by the bank, as its release paper states. “In the last 10 years, Russia has seen a true breakthrough in the field of e-payments. In 2018, the share of cashless payments in the overall expenditure on goods is close to 50%. read
PayRing payment rings can now be purchased at Moscow Credit Bank offices
PayRing payment rings can now be purchased at Moscow Credit Bank offices. “You will not slow down the line while fumbling around in your bag for the purse or card: the line will slow down itself to take a look at how easily you are paying with your ring.” A jewel enabling you to make payments with a single tap is a perfect solution for people who keep an eye on advanced technology trends and lead an active life. read
Card transaction volume increases 6.8-fold in the last 10 years
Russian citizens slowly but steadily cease to use cash and switch to e-payments instead: in the last 10 years, the number of active bank cards has increased 2.8-fold, and by the end of 2017 their number had reached 157.6 mln, as reported in “Monitoring of the economic state in Russia” by the Gaidar Institute for Economic Policy and RANEPA. The transaction volume has increased 6.8-fold during the same term. Their structure also changed: in 2008, the share of cash withdrawal was 75. read