The Russian Public Opinion Research Center (VCIOM) led a study on consumer paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More preferences and compared the use of cashMoney in physical form such as banknotes and coins. More 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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