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. “Economy digitalization, as evidenced by the global experience, boosts the growth of GDP, leads to more jobs available, and results in higher quality of life,” Ekaterina Petelina, Visa Russia CEO, said.
Globally, the figures are even more impressive. Thus, the potential net profit of all the 100 cities featured in the study makes up $470 bln a year. Of this sum, $28 bln a year will be received by consumers in some way; $130 bln of the profits will be the government’s share, and the largest share ($312 bln) will be absorbed by businessmen.
The authors of Cashless City also believe that the development of the cashless transactions sector will lead to an increase in GDP, jobs, workforce productivity, and salaries. However, the document places Moscow and St. Petersburg among the cities that are still “digitally transitioning”.