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Meanwhile in Russia 23.03.2018

Here is our third release of “Meanwhile in Russia”.

P2P transfers in Russia nearly doubled in 2017 reaching the amount of 19 billion rubles (330,6 million USD). 95% of this amount were intrabank transfers within the Russian financial giant Sberbank’s (the payments using only mobile phone number). Surprisingly, card to card transfers exceed online and in-store C2B cashless payments by 30%. Anonymous surveys show that some customers disguise C2B or B2C transfers as P2P transactions – e.g. paying for rent, goods or even paying the salary (when the recipient if employed unofficially). Experts say, that it doesn’t mean the shadow economy is growing but more likely it is going cashless. Higher visibility of these transactions and their traceability might be a positive factor in evaluating the shadow economy and finding solutions to minimize its impact. But more importantly, these statistics show simplicity and low costs make cashless payments more attractive to the small businesses, unlike traditional card-based POS transfers.

Blockchain software will be used to create unified register of bank deposits in Russia. The unique technology will be codeveloped by the Central Bank and the Deposit Insurance Agency (DIA). The main purpose of the register is to securely keep the information about all the clients’ deposits. This is extremely important when the bank goes bankrupt or loses the license and DIA needs to make payouts to the depositors. The banks will not be able to voluntary or accidently loose this data, as happened before.

Central Bank of Russia introduced “road map” for the implementation of the marketplace project which will be tested in April 2017. Russians will get an opportunity to get banking services online not leaving their apartment. First Deputy Governor of Central Bank of Russia Sergey Shvetsov noted that the main role of Central Bank is to create a safe regulatory environment which will protect customer rights and help business solutions. The products that will be available in the marketplace at first will include bank deposits, government and corporate bonds, insurance products. In future, this list can be extended to loans, investment and other financial services.