Cbank: Banking payments via mobile phones rocket 90% in 2016

MOSCOW, Oct 27 (PRIME) -- Payments via mobile phones in Russia soared 90% in 2016, and remote payments almost doubled over two last years, Central Bank Chairwoman Elvira Nabiullina said on Friday at a meeting with President Vladimir Putin, as cited by the Kremlin’s Web site.

Technological progress seriously modifies a business model of banks and their relations with clients, Nabiullina said.

The country’s Internet commerce, which exceeds by a number of indicators other countries, also expands.

“For example, mobile banking applications by functions outperform their European colleagues by 1.8 times,” she said.

“Certainly, the development of financial technologies sets several tasks to the central bank, the regulator. The first is to expand infrastructure. The second is to protect rights of citizens in the exploitation of financial technologies. And the third is protection against cyberattacks.”

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