Russia Profile: Cashless Payment to Dominate Russian Digital Economy

23 Nov, 2020 . 4 minutes

Russia’s population was estimated at 145.87 million in 2019 and the nation’s digital economy is predicted to increase national gross domestic product to 8.9 trillion rubles by 2025, according to data. Revenue in the ecommerce market will be 1.54 billion rubles in 2020 with a compound annual growth rate expected to hit 5.7 percent and market volume of 1.92 billion rubles by 2024.

Mobile penetration rate in Russia is more than 92 percent and is increasing. Cashless payment via mobile and e-wallets was used by 15 percent of the population in 2019. More than 57 percent of cashless payment users are between 25 and 34 years old.

Challenges exist for cashless payment providers but the method has quickly been adopted in Moscow. If the current growth rates hold cashless payments could dominate the Russian digital economy sooner than thought.

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