Russia's non-cash payments are projected to surpass 90% by the end of 2026 or early 2027, according to Alla Bakina of the Bank of Russia. No significant increase in cash demand has been observed, while non-cash payments already reached 88.9% of retail turnover in Q1 2026.
Non-cash transactions constituted 88.9% of Russia's retail turnover in Q1 2026, an increase of 0.9 percentage points from the previous quarter, according to the Bank of Russia. E-wallets saw significant growth, particularly for online purchases.
Team Mirai has proposed an alternative to the consumption tax cut plan, suggesting income-linked cash payments for low-to-middle income earners. This plan aims to provide greater benefits than a tax cut, utilizing the ¥4.6 trillion in funds earmarked for a potential consumption tax exemption on food and beverages.
A new report has found cash use has dropped by more than 50 per cent in almost 20 years. But there has been a slight increase in cash payments since 2022.
A new report has found cash use has dropped by more than 50 per cent in almost 20 years. But there has been a slight increase in cash payments since 2022.
