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Bank cards become more popular payment method for Russians
According to the Bank of Russia, the volume of bank card payments for goods and services amounted to 41.4 trillion rubles, having grown by 33% compared to 2020.
At the end of 2021, there were 329 million bank cards in circulation. The indicator grew by 9.3% within the year. Non-cash payments for goods and services accounted for 78% of the total volume of bank card transactions last year, while cash withdrawals accounted for mere 4%.
“These figures clearly demonstrate that bank cards have become an everyday means of payment for purchases. That became possible due to the dynamic development of this market segment over the past years. Now we see a sufficient saturation of merchant outlets with payment terminals, as well as the availability of advanced and convenient bank card products that combine the functions most sought out by customers – cashback, an attractive interest on the balance, payment capabilities of mobile applications, and many more,” says Stanislav Duzhinsky, an analyst at Home Credit Bank.
According to the expert, we can expect the payment services market to continue its development in the near future. Digital cards (having no physical plastic media) will become more popular, contactless payment systems and alternative instruments such as QR code payments will continue to develop.