Central regions | Finance, business | Retail, FMCG

Report names Russia global leader in e-payment industry growth

7 Oct '19
The total volume of electronic payments in Russia increased 22.1% per year on average in 2010-2018, the U.S.-Russia Business Council reported, citing a new study on the global e-payment industry. Russia shows the largest increase among the 58 markets included in the study.

The number of electronic transactions per person per year increased 30 times in Russia from 5.8 in 2010 to 172 in 2018, more than in any other European country. In 2019-2028, the volume of e-payments in Russia is expected to increase 11.8% annually, double the 5.9% global average increase forecast.

The report said that many banks in Russia encouraged customers to switch to cashless transactions by creating extensive networks of advanced e-payment terminals throughout the country and investing in broad awareness campaigns. Since many Russian consumers had been unfamiliar with traditional retail banking due to Russias previously underdeveloped banking infrastructure, many Russians have adapted to mobile banking and other advanced financial technologies more quickly than many European consumers, the report said.
Publish in Twitter
Write to Facebook
Google Buzz
Write to LiveJournal
Show in MM
Share MK
Find Related Content


Tags: study (14) / e payment (1) / mobile banking (0) /

Latest News: Central regions
19 Feb '20 | Technology & innovation
18 Feb '20 | Telecoms, media | Finance, business
18 Feb '20 | Technology & innovation

Feature stories

25 Dec '19
Scientists in Siberia have come up with their own...
8 Nov '19
For the first time in the history of Russian-African...
29 Oct '19
Search (News archive - 21793)
Marchmont News

Latest News

20 Feb '20
Many investors rightly reckon that Russian start-ups...
18 Feb '20
Earlier today SberDevaisy launched sales of its...
14 Feb '20
MTS, one of Russias top four mobile telecom...

Most read stories from last week

20 Feb '20
Many investors rightly reckon that Russian start-ups...