The Central Bank raised the forecast for the share of non-cash transactions in retail trade
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The Bank of Russia raised its forecast for the growth in the share of non-cash transactions in retail trade to 83-84%. This was announced by Deputy Chairman of the Bank of Russia Olga Skorobogatova, Vedomosti correspondent reports.
In November 2022, the Central Bank reported that by the end of 2023, the growth in the share of non-cash transactions in retail trade would grow to 78-80%. However, as Skorobogatova clarified, according to the latest data from the regulator, the share already exceeds 81.2%.
“We will now change our forecast, because we planned for 80% at the end of the year. According to our expectations, it will be 83-84%,” Skorobogatova specified.
The growth of the indicator confirms that citizens and businesses trust the tools, the Deputy Chairman of the Central Bank emphasized. “Naturally, the share is increasingly going into national instruments. And these are not only Mir and SBP cards, but also other payment systems of our Russian banks,” she added.
According to Skorobogatova, on the horizon of three years, settlements within the country will only take place using domestic payment solutions.
In 2021, the Central Bank adopted a strategy for the development of the national payment system for 2021-2023. According to the document, in 2022 the share of non-cash transactions in retail trade was expected to be at the level of 73%, and in 2023 – 75%. However, in November, the regulator clarified the forecasts and changed the figures by 76-78% and 78-80%, respectively.
“Given the rapid positive dynamics of indicators, we considered it necessary to adjust them and set higher values for 2022-2023 than we previously planned,” explained then Skorobogatov.
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