Three-quarters of Russians use online money transfers

Three-quarters of Russians use online money transfers

Three-quarters of the Russian adult population (over 75% of those polled) use online money transfers. This figure rose 20% in May 2021, according to a poll conducted by the Bank of Russia.

"More than 75% of the Russian adult population has transferred money via the Internet or mobile banking over the last 12 months. This figure rose by more than 20 percentage points in two years," the regulator said.

Payment cards are proactively gaining in popularity, the regulator noted. Their share in the retail turnover increased by 10.6 percentage points in 2020, while the share of cashless payments in total saw an uptick of 5.6% to 70.3%, TASS reported.

"The pandemic and related restrictions exerted significant influence on that. They also became the cause for the decline in the households’ satisfaction level of financial institutions’ services to 75%. However, it can be assumed that the indicator will recover along with the economy. On the contrary, the share of small and medium business representatives stating their satisfaction with the operations of financial institutions increased to 82.3%," the Central Bank said.

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