Ranking of non-cash payments in cities and regions 2Q20
Russians resort to cash more often during springs and summers, but not amid the pandemic. The study was carried out by SberIndex lab and the IT company OFD Platform.
Contrary to the years-long trend, the proportion of non-cash payments for products and services in 2Q20 increased from 1Q to reach 53.4%, which is 5.4 pp higher than in 2019. This is largely explained by changes in consumer behavior, but there is also a risk of higher off-the-books cash turnover. According to the data provided by the Bank of Russia, the volume of circulating cash soared by over RUB1 trln in the second quarter.
Non-cash settlements climaxed between May 4 and 10 to reach 57.3% and started shrinking again in June.