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Only 1% of Russians rely exclusively on cards

by Communication Team | Mar 29, 2017

Russian_matrioshkaThe Russian Public Opinion Research Center (VCIOM) led a study on consumer payment preferences and compared the use of cash versus cards. The results demonstrate that 32% of Russians use cash only to conduct their transactions, while a meagre 1% relies exclusively on cards. Furthermore, 26% of consumers declared using cash and cards equally, while 27% prefer cash over cards.

More surprisingly, data demonstrates that the majority of people preferring banknotes are aged 60 or older, contrary to the global trend of millennials being the greatest users of cash. In comparison, 38% of Americans under 24 prefer cash, against 17% in Russia.

Besides, 80% of people consider that restrictions on cash use represent a violation of their civil rights and do not believe that they are useful to fight against tax evasion and corruption. Nevertheless, 36% of respondents would be in favour of a ban on cash transactions exceeding 50,000 roubles ($877).

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