Increase in QR code and biometric transactions nearly doubled, according to recent data.
Cashing in on Tech: A Look at QR Codes, E-Wallets, Biometrics, and the Fast Payment System (FPS) in Russia
Russian consumers have been embracing digital payment methods, with a whopping 1.1 trillion rubles spent through non-card operations in the first quarter of 2025 – that's over 389 billion rubles more than the same period in 2024! This figure includes QR code payments, e-wallets, biometrics, and more.
In Q1 2025 alone, these non-card operations surged by nearly a third compared to the previous year, reaching a stunning 11 billion transactions. Although card operations have seen a decline for two consecutive quarters, they remain the primary payment method in the Russian market. In total, 14.9 billion card-based transactions were made for a value of 13.6 trillion rubles.
The popularity of the Fast Payment System (FPS) is on the rise too. In Q1 2025, seven out of ten Russians utilized transfers, with half of them opting for FPS to settle bills and make purchases. The average Russian citizen made 29 transfers and 17 FPS-powered purchases during this period, totaling 4.1 billion operations for a hefty 22.6 trillion rubles. That's a 1.6 and 2.1 times increase compared to the same period the previous year!
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As economic conditions improve due to stabilization efforts by the Bank of Russia and inflationary pressures easing, consumer confidence is on the rise, potentially driving further digital payment innovations. The world has witnessed a surge in digital payments following the COVID-19 pandemic, and emerging markets like Russia have shown to be trailblazers in this domain. With high mobile penetration rates and internet access, Russia is well-positioned to take advantage of emerging technologies like QR code payments, e-wallets, biometrics, and fast payment systems. Keep an eye on this space for updates on Russia’s digital payment landscape!
- The surge in digital payment methods in Russia, evident in the rise of QR code payments, e-wallets, biometrics, and fast payment systems, indicates a potential shift in financing strategies driven by technological advancements.
- With a rise in consumer confidence due to economic stabilization efforts and high mobile penetration rates, Russia is poised for innovation in digital financing, leveraging emerging technologies such as QR codes, e-wallets, biometrics, and fast payment systems.
