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17:00, 04 July 2025
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Russia’s Cashless Payments to Hit 90% by End of 2025

By the end of 2025, Russia’s share of cashless transactions is projected to exceed 90 percent, driven by rapid infrastructure growth and shifting consumer habits, according to the Bank of Russia

Accelerating Growth in Digital Transactions

Russia has seen a steady climb in cashless payments, rising from 86.7 percent of all transactions today to a forecasted 90 percent by the close of 2025. “We’re observing an uninterrupted trend toward digitalisation among both citizens and businesses,” said Alla Stanislavovna Bakina, Director of the Bank of Russia’s National Payment System Department, speaking at the Financial Congress in Saint Petersburg. Her remark underscored the Bank’s confidence that the ongoing expansion of digital infrastructure will continue to carry transaction volumes upward.

Infrastructure Expansion Fuels Adoption

Over the past year alone, the number of ATMs and POS terminals in Russia jumped by 8 percent, surpassing 5 million devices countrywide. This surge not only ensures widespread access to cashless options but also absorbs peak demand during holiday seasons and sales events. Alternative payment methods—such as QR‑code scanning and biometric authentication—are steadily siphoning off card usage, offering consumers faster, contactless checkout experiences. As these technologies become more intuitive and secure, everyday users benefit from reduced checkout times, fewer transaction failures, and enhanced fraud protection.

Fintech Innovation and Consumer Benefits

Experts attribute this digital shift to the proliferation of fintech solutions and evolving consumer preferences. The spike in online transfers and tap‑to‑pay transactions reflects a broader appetite for convenience and reliability. Looking ahead, Russia is developing its own SWIFT alternative—the System for Transfer of Financial Messages (SPFS)—which promises to bolster national payment resilience and decrease dependency on international networks. For the average person, these developments translate into smoother cross‑border payments, quicker remittances to family, and lower fees. Businesses, meanwhile, can tap into real‑time settlements and richer data analytics, driving smarter credit and lending decisions.

By combining robust infrastructure growth with cutting‑edge fintech and a supportive regulatory framework, Russia is positioning itself at the forefront of the cashless economy—delivering tangible benefits to both consumers and businesses alike.

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Russia’s Cashless Payments to Hit 90% by End of 2025 | IT Russia