By the end of the year, the share of non-cash payments will grow to over 70% – the Central Bank of the Russian Federation

By the end of the year, the share of non-cash payments will grow to over 70% – the Central Bank of the Russian Federation

By the end of the year, the share of non-cash payments will grow to over 70% - the Central Bank of the Russian Federation

The Central Bank of the Russian Federation expects an increase in the share of non-cash settlements in the total volume of all payment transactions to a level above 70% by the end of 2020, Chairman of the Central Bank of the Russian Federation Elvira Nabiullina said at a press conference after the meeting of the Board of Directors. “The share of non-cash payments has increased in settlements. We also contributed to this, including the development of our services and the tariff policy on acquiring commissions. Indeed, the dynamics of non-cash payments happened a little faster, a little better than we were guided by. We were guided by the end of the year somewhere by 69-70%. Now we believe that by the end of the year it will be more than 70%, “Nabiullina said.

Earlier, the Central Bank expected that the level of 69-70% would be achieved by the end of this year, but by the end of the second quarter, this share was already almost 70%.

Nabiullina noted that, compared to March, an increase of about 3% in non-cash payments was ensured by the pandemic and the associated development of remote services. The head of the Central Bank said that against the background of the growth of non-cash payments in the total volume of transactions, the demand for cash withdrawals from the population also increased.

“We consider this process to be natural for this situation. Indeed, there was a surge in demand for cash during the pandemic period, the period of self-isolation. After that, we did not see any additional demand for cash. But the cash that people have withdrawn, they are likely to remain in hands, “- said the chairman of the Bank of Russia.

According to her, this trend is observed not only in Russia. “I look closely at what is happening in other countries, and many central banks note that there has been an increase in demand for cash from the population. Once again, this is natural in these conditions. This reflects the factor of uncertainty. People, when there is such uncertainty, lead accordingly. yourself “, – said the head of the Central Bank.

According to her, as the economy recovers, the situation will improve, “people will have more confidence.” “We saw that during the pandemic, the demand for making savings in cash grew. People were withdrawing savings from their deposits in order to have cash on hand,” explained the head of the Central Bank.

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