Cashless Payments on the Rise in Russia
Already 88 percent of transactions are made through electronic services.
Russians are increasingly opting for cashless payments, Alla Bakina, head of the Central Bank’s National Payment System Department, said at the Ural Forum on Cybersecurity in Finance.
Currently, 88 percent of all payments are processed through electronic systems. By 2030, that figure is expected to exceed 90 percent. For comparison, just 10 years ago only 20 percent of transactions were cashless.
Biometrics and the Digital Ruble
Consumers value new payment services for their speed, convenience, and functionality. Today, they can pay using QR codes, fast payment systems, and even biometric authentication – including payments authorized by a smile. Since 2026, Russia has also introduced a new form of currency, the digital ruble.
Entrepreneurs are set to gain access to a convenient and secure payment infrastructure, along with new financing mechanisms for projects. Citizens will be able to receive insurance payouts, social benefits, pensions, and salaries in digital rubles. The system is fully transparent and designed to protect users from fraud. Russians remain free to choose their preferred payment method.
