Ranking of non-cash payments in cities and regions 3Q20
Consumers are reluctant to deal with cash unless necessary, mainly because of the coronavirus-related risks, said analysts from SberIndex and the IT company OFD Platform in a joint study on the evolution of cashless payments in Russia.
In 3Q20, the proportion of cashless transactions in consumer spending reached 53.6%, which is unusually high and is against the seasonal pattern for a second quarter in a row. However, SberIndex analysts believe the reason behind this change is clear: people are reluctant to use banknotes when there’s a cashless option because, as the latest studies suggest, COVID-19 may stay on paper banknotes for up to four weeks.
Amid that, cashless sales surpassed the 60% mark in as many as seven regions of Russia, which is an all-time high. Ranking first is the Republic of Karelia (62.7% of purchases with cards). It’s closely followed by Murmansk Region and the Republic of Komi (62.5% and 62.0% respectively). Some more regions are close to the 60% milestone and should pass it as soon as in 1Q21, SberIndex analysts expect.