MIL OSI Translation. Region: Russian Federation –
In 2016, the townspeople withdrew cash through ATMs about 443 million times, and in 2020 – only 270 million times.
Muscovites are increasingly paying for goods and services using payment cards; at the same time, they use ATMs to withdraw cash less and less. Last year alone, the volume of card transactions increased by 11.9 percent, and the number of transactions – by 11.5 percent, said the Deputy Mayor of Moscow for Economic Policy and Property and Land Relations. Vladimir Efimov.
“Consumer interest in cash has been declining over the past few years. If in 2016 in Moscow there were about 433 million transactions to withdraw cash from ATMs, then in 2019 this figure decreased by 19 percent – to 349 million transactions, and in 2020 against the backdrop of the pandemic this figure fell by another 22.6 percent – up to 270 million “, – said the deputy mayor.
In total, from 2016 to 2020, the decrease in the number of cash withdrawals was about 38 percent. The popularity of cashless payments for goods and services leads to an increase in the transparency of settlements and the economy as a whole.
In addition, the number of bank cards issued to individuals is growing. “In 2020 alone, the total issue of cards to individuals in the capital increased by 4.3 percent. This is largely due to the fact that in the city, payment for almost any goods and services, be it travel by bus or the purchase of everyday goods, can be done with a payment card, “added the Minister of the Moscow Government, head Department of Economic Policy and Development of the City of Moscow Kirill Purtov.
The analytical center of the Moscow Government notes that the demand for banking services is growing in the capital. Thus, the volume of lending to individuals and legal entities in the period from January to April 2021 increased by 45.7 percent and 18.1 percent, respectively, compared to the same time period in 2020. The volume of deposits and deposits of individuals as of May 1, 2021 increased by 11.7 percent over the same period of the previous year.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.