Cbank: Russia’s share of noncash payments to rise to 55.6% in 2018

YAROSLAVL, Jul 4 (PRIME) -- Russia’s share of noncash payments will rise to 55.6% in 2018, Central Bank First Deputy Chairwoman Olga Skorobogatova said on Wednesday.

“If you look at the dynamics, in 2016 the proportion was 60% of cash to 40% of noncash payments. For this year we project 55.6% of noncash to 44.4% of cash payments.”

Skorobogatova hopes that a law requiring that all retail companies with revenue of over 20 million rubles annually should accept banking cards will be adopted in 2018. The threshold is to be lowered to 10 million rubles and then to 5 million rubles in the future.

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