Russia among TOP5 countries for non-cash payments globally

10:04, 02 December 2020
Russia among TOP5 countries for non-cash payments globally Photo: Nikolay Gyngazov/Global Look Press

Russia has entered the top five countries in terms of growth of non-cash payments globally, Izvestia newspaper reports.

The country is the leader in terms of the number of payment transactions using plastic cards integrated into mobile devices.

Two-thirds of the population has given up cash for fear of contracting the coronavirus. In the second quarter of this year, according to the Central Bank of Russia, the share of non-cash payments in the country increased to 69 percent. In addition to Russia, Canada, Australia, the UK, Romania showed the fastest transition rates to cashless payments.

The main reason for refusing cash is the coronavirus, which the WHO says is carried by paper bills. Besides, during the spring quarantine period, delivery services, Internet services, and online entertainment were developed, which require only card payment.

Also, the growth of non-cash transactions is associated with restrictions on cafes and bars, where people most often come with cash. earlier reported that United Airlines Holdings Inc. started operating charter flights to position doses of Pfizer Inc.’s Covid-19 vaccine for quick distribution if the shots are approved by regulators.