Russia received 1st place in Europe in cash-free transaction growth

It was stated in the report of the consulting company BCG that Russia became a world leader in the number of the most protected tokenized transactions and Europe’s biggest market in the volume of operations with using digital currency. Other countries such as Lithuania, Latvia, Poland, Portugal and the Czech Republic entered Europe’s group of leaders in cash-free transaction growth. 

The published data by BCG about Russia are part of a broader report named «Global Payments 2019: Tapping into Pockets of Growth»that came out at the end of September. It informs us that because of the increasing global tendency to abandon cash, it is expected the average cash-free transaction growth will rise by approximately5.9% each year until 2028.

This means that growth will increase at the same pace as it had been before the interruption of the finance crises of 2008 and 2010. Partly it was brought on by large American companies Google, Apple, Facebook and Chinese technological companies: Ant Financial (earlier Alipay)Tencent entered the payment market. Another factor stimulating the world market of cash-free transactions was the intensive development of financial and technological industries and such Internet banks as German N26. According to BCG's data, from 2000 until 2019, more than 27% of investments into the financial and technological industries were connected with cash-free payments.

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