Russia has shown a “phenomenal” increase in the number of cashless payments – over eight years this figure has increased by 30 times. At the same time, Russia has become the largest market in Europe in terms of the volume of transactions using digital wallets and the world leader in the field of secure tokenized transactions. This is evidenced by the study of the international consulting company The Boston Consulting Group (BCG).

According to the report, in 2010-2018, the volume of payments in Russia grew by an average of 22.1%. During this period, an increase in the number of card payments took place, which the researchers called phenomenal, since European countries showed only two to three-fold growth in this indicator.

“The combination of cheap retail financing, high market concentration and large technology investments contributed to the creation of the“ Russian miracle, ”the researchers noted.

At the same time, Russia bypassed all European countries in terms of transactions through electronic wallets. In terms of the number of protected tokenized transactions, the Russian Federation turned out to be the world leader.

"Russian consumers, in many aspects of life free from inherited traditions, were able to" jump "through several stages at once," the report says.

In the future, researchers predict a decrease in the growth of payments to 11.8%. However, even after that, Russia will still surpass in this respect other countries analyzed in the report.

Recall that in the summer, the NAFI, together with the Digital Economy organization, published a poll, according to which 60% of Russians consider themselves poorly informed about modern technologies.

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