Director of the USUE Institute of Finance and Law Maxim Maramygin about the growth of non-cash transactions in Russia

Oblastanaya Gazeta, 13.07.17

Over the year, the number of bank cards issued to the country's residents increased by 4.5 percent and amounted to 1.7 cards per person, while the share of non-cash transactions increased to 80.7 percent. These data result from the report of the Central Bank of Russia for 2016.

Maxim Maramygin, Director of the USUE Institute of Finance and Law:

- The growth of payments is due to the introduction of new technologies and a large increase in Internet commerce. Payments for goods and services delivered are made in non-cash form. Besides, an important role belongs to the growth of financial technologies for people: applications for managing their accounts and programs for Internet banking. Both directions are leaders in terms of technologies speed and growth rates. Until now, the market is far from saturated. More and more people have enjoyed the taste and convenience of using these applications, and there is a reserve for growth.

Read more

Over the year, the number of bank cards issued to the country's residents increased by 4.5 percent and amounted to 1.7 cards per person, while the share of non-cash transactions increased to 80.7 percent. These data result from the report of the Central Bank of Russia for 2016. Oblastanaya Gazeta, 13.07.17