Cashless payments reached 85.8% in Russia

The head of the Central Bank, Elvira Nabiullina, announced at a meeting with members of the Association of Russian Banks that cashless payments contributed 85.8% to trade turnover in 2024.

"The share of cashless payments continues to grow steadily; last year, it grew by 2.4%. It seems like a small amount, but every percentage is more difficult when you have reached a certain high level. The preference for cashless payments speaks to the quality of services and the trust of citizens and businesses in them," said Elvira Nabiullina.

Speaking about the development of payment services, she also commented on the introduction of a single QR code:

"We believe that a universal QR code should work on the solution of the National Payment Card System. This path guarantees equal and transparent conditions for all banks and minimizes the modifications for connection. The NSPK bears the main costs for the modifications. Minor improvements will be needed for those banks that want to provide their pay services through a single QR. But, as our pilot has shown, this does not take much time and does not require significant costs."

A single QR code is an alternative to the fast payment system. Three major banks are working on this project. The universal code is planned to open a page with a choice of payment method.

Author: Elina Akhmetova